Here is the key factor to keep in mind today for New Zealand Dollar trades:
- New Zealand Trade Balance: The New Zealand Trade Balance for February was reported at NZ$12M monthly and at -NZ$6,621M 12-month year-to-date. Economists predicted a figure of -NZ$200M and of -NZ$6,675M. Forex traders can compare this to the New Zealand Trade Balance for January which was reported at -NZ$948M monthly and at -NZ$6,445M 12-month year-to-date. Exports for February were reported at NZ$4.82B and Imports were reported at NZ$4.80B. Economists predicted a figure of NZ$4.70B and of NZ$4.90B. Forex traders can compare this to Exports for January which were reported at NZ$4.33B and to Imports which were reported at NZ$5.28B.
Here are the key factors to keep in mind today for US Dollar trades:
- US Housing Starts and Building Permits: US Housing Starts for February are predicted to decrease by 0.8% monthly to 1,220K starts and Building Permits are predicted to decrease by 1.3% monthly to 1,300K permits. Forex traders can compare this to US Housing Starts for January which increased by 18.6% monthly to 1,230K starts and to Building Permits which increased by 1.4% monthly to 1,345K permits.
- US House Price Index: The US House Price Index for January is predicted to increase by 0.4% monthly. Forex traders can compare this to US House Price Index for December which increased by 0.3% monthly.
- US S&P/Case-Shiller Composite 20: The US S&P/Case-Shiller Composite 20 for January is predicted to increase by 0.30% monthly and by 4.00% annualized. Forex traders can compare this to the US S&P/Case-Shiller Composite 20 for December which increased by 0.19% monthly and by 4.18% annualized.
- US Richmond Fed Manufacturing Index: The US Richmond Fed Manufacturing Index for March is predicted at 12. Forex traders can compare this to the US Richmond Fed Manufacturing Index for February which was reported at 16.
- US Consumer Confidence: US Consumer Confidence for March is predicted at 132.0. Forex traders can compare this to US Consumer Confidence for February which was reported at 131.4.
Should price action for the NZDUSD remain inside the or breakdown below the 0.6870 to 0.6935 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.6900
- Take Profit Zone: 0.6720 – 0.6755
- Stop Loss Level: 0.6965
Should price action for the NZDUSD breakout above 0.6935 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.6975
- Take Profit Zone: 0.7020 – 0.7055
- Stop Loss Level: 0.6935
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
