The New Zealand Business Manufacturing PMI for April was reported at 38.0. Forex traders can compare this to the New Zealand Business Manufacturing PMI for March, which was reported at 53.2. Chinese Retail Sales for April decreased by 7.5% annualized. Economists predicted a decrease of 7.0% annualized. Forex traders can compare this to Chinese Retail Sales for March, which decreased by 15.8% annualized. Chinese Industrial Production for April increased by 3.9% annualized. Economists predicted an increase of 1.5% annualized. Forex traders can compare this to Chinese Industrial Production for March, which decreased by 1.1% annualized. Chinese Fixed Assets ex Rural for April decreased by 10.3% annualized. Economists predicted a decrease of 10.0% annualized. Forex traders can compare this to Chinese Fixed Assets ex Rural for March, which decreased by 16.1% annualized. The Chinese Surveyed Jobless Rate for April was reported at 6.0%. Forex traders can compare this to the Chinese Surveyed Jobless Rate for March, which was reported at 5.9%.
Our Analysis:
Should price action for the NZD/USD remain inside the or breakout above the 0.5950 to 0.6015 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.5990
- Take Profit Zone: 0.6395 – 0.6465
- Stop Loss Level: 0.5880
Alternative scenario:
Should price action for the NZD/USD breakdown below 0.5950 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.5880
- Take Profit Zone: 0.5735 – 0.5775
- Stop Loss Level: 0.5950
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