US New Home Sales for July are predicted to increase 3.0% monthly to 700K new homes. Forex traders can compare this to US New Home Sales for June, which decreased 6.6% monthly to 676K new homes.
The forecast for the NZD/USD turned bullish after price action completed its sell-off and started to recover. Traders should prepare for more volatility as the Tenkan-sen continues to move lower with the Kijun-sen flat. The Ichimoku Kinko Hyo Cloud adds to an expanding bullish scenario with the Senkou Span A advancing. After the CCI accelerated out of extreme oversold territory, it cleared the hurdle for more upside.
Should price action for the NZD/USD remain inside the or breakout above 0.6885 to 0.6945 zone, recommend the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.6915
- Take Profit Zone: 0.7100 – 0.7155
- Stop Loss Level: 0.6840
Should price action for the NZD/USD breakdown below 0.6885, recommend the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.6840
- Take Profit Zone: 0.6740 – 0.6770
- Stop Loss Level: 0.6885
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