Here are the key factors to keep in mind today for New Zealand Dollar trades:
- New Zealand Trade Balance: The New Zealand Trade Balance for August was reported at -NZ$1,484M monthly and at -NZ$4,814M 12-month year-to-date. Economists predicted a figure of -NZ$925M and of -NZ$4,620M. Forex traders can compare this to the New Zealand Trade Balance for July which was reported at -NZ$196M monthly and at -NZ$4,504M 12-month year-to-date. Exports for August were reported at NZ$4.05B and Imports were reported at NZ$5.54B. Economists predicted a figure of NZ$4.40B and of NZ$5.50B. Forex traders can compare this to Exports for July which were reported at NZ$5.34B and to Imports which were reported at NZ$5.54B.
- New Zealand ANZ Activity Outlook and ANZ Business Confidence: The New Zealand ANZ Activity Outlook for September was reported at 7.8 and ANZ Business Confidence was reported at -38.3. Forex traders can compare this to the New Zealand ANZ Activity Outlook for August which was reported at 3.8 and to ANZ Business Confidence which was reported at -50.3.
Here are the key factors to keep in mind today for US Dollar trades:
- US New Home Sales: US New Home Sales for August are predicted to increase by 0.5% monthly to 630K new homes. Forex traders can compare this to US New Home Sales for July which decreased by 1.7% monthly to 627K new homes.
- US FOMC Interest Rate Decision: The US FOMC Interest Rate Decision is predicted to show Upper Bound interest Rates at 2.25% and Lowe Bound Interest Rates at 2.00%. Forex traders can compare this to the previous US FOMC Interest Rate Decision which showed Upper Bound interest Rates at 2.00% and Lower Bound Interest Rates at 1.75%.
Should price action for the NZDUSD remain inside the or breakout above the 0.6630 to 0.6685 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.6655
- Take Profit Zone: 0.6860 – 0.6920
- Stop Loss Level: 0.6560
Should price action for the NZDUSD breakdown below 0.6630 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.6610
- Take Profit Zone: 0.6345 – 0.6385
- Stop Loss Level: 0.6655
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
