US Housing Starts for August are predicted at 1,555K starts, and Building Permits at 1,600K permits. Forex traders can compare this to US Housing Starts for July, reported at 1,534K starts and to Building Permits, reported at 1,630K permits. The US Current Account Balance for the second quarter is predicted at -$191.0B. Forex traders can compare this to the US Current Account Balance for the first quarter, reported at -$195.7B.
The forecast for the NZD/USD turned bullish after a healthy correction took this currency pair into support, provided by its slowly ascending Ichimoku Kinko Hyo Cloud. Traders should expect a few volatile trading sessions with the Kijun-sen flat but the Tenkan-sen declining. After the CCI dropped into extreme oversold territory, it stabilized and now shows early signs of a reversal. Traders should wait for a breakout above -100 before entering buy orders.
Should price action for the NZD/USD remain inside the or breakout above 0.7010 to 0.7040 zone, recommend the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.7025
- Take Profit Zone: 0.7135 – 0.7170
- Stop Loss Level: 0.6985
Should price action for the NZD/USD breakdown below 0.7010, recommend the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.6985
- Take Profit Zone: 0.6910 – 0.6930
- Stop Loss Level: 0.7010
USD/CAD | US Dollar to Canadian Dollar Trading Analysis
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