Here are the key factors to keep in mind today for New Zealand Dollar trades:
New Zealand Performance of Services Index: The New Zealand Performance of Services Index for June was reported at 52.8. Forex traders can compare this to the New Zealand Performance of Services Index for May which was reported at 57.1.
Chinese Surveyed Jobless Rate: The Chinese Surveyed Jobless Rate for June was reported at 4.8%. Forex traders can compare this to the Chinese Surveyed Jobless Rate for May which was reported at 4.8%.
Chinese GDP: The Chinese GDP for the second-quarter increased by 1.8% quarterly and by 6.7% annualized. Economists predicted an increase of 1.6% quarterly and of 6.7% annualized. Forex traders can compare this to the Chinese GDP for the first-quarter which increased by 1.4% quarterly and by 6.8% annualized.
Chinese Industrial Production: Chinese Industrial Production for June increased by 6.0% annualized. Economists predicted an increase of 6.5% annualized. Forex traders can compare this to Chinese Industrial Production for May which increased by 6.8% annualized.
Chinese Retail Sales: Chinese Retail Sales for June increased by 9.0% annualized. Economists predicted an increase of 8.8% annualized. Forex traders can compare this to Chinese Retail Sales for May which increased by 8.5% annualized.
Chinese Fixed Assets ex Rural: Chinese Fixed Assets ex Rural for June increased by 6.0% annualized. Economists predicted an increase of 6.0% annualized. Forex traders can compare this to Chinese Fixed Assets ex Rural for May which increased by 6.1% annualized.
Here are the key factors to keep in mind today for US Dollar trades:
US Empire Manufacturing Index: The US Empire Manufacturing Index for July is predicted at 21.0. Forex traders can compare this to the US Empire Manufacturing Index for June which was reported at 25.0.
US Advanced Retail Sales: US Advanced Retail Sales for June are predicted to increase by 0.5% monthly and Retail Sales Less Autos are predicted to increase by 0.3% monthly. Forex traders can compare this to US Advanced Retail Sales for May which increased by 0.8% monthly and to Retail Sales Less Autos which increased by 0.9% monthly. Retail Sales Less Autos and Gas for June are predicted to increase by 0.4% monthly and Retail Sales Control Group are predicted to increase by 0.4% monthly. Forex traders can compare this to Retail Sales Less Autos and Gas for May which increased by 0.8% monthly and to Retail Sales Control Group which increased by 0.5% monthly.
US Business Inventories: US Business Inventories for May are predicted to increase by 0.4% monthly. Forex traders can compare this to US Business Inventories for April which increased by 0.3% monthly.
Should price action for the NZDUSD remain inside the or breakout above the 0.6745 to 0.6795 zone the following trade set-up is recommended:
Timeframe: D1
Recommendation: Long Position
Entry Level: Long Position @ 0.6765
Take Profit Zone: 0.7025 – 0.7055
Stop Loss Level: 0.6690
Should price action for the NZDUSD breakdown below 0.6745 the following trade set-up is recommended:
Timeframe: D1
Recommendation: Short Position
Entry Level: Short Position @ 0.6725
Take Profit Zone: 0.6450 – 0.6500
Stop Loss Level: 0.6765