Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Final Australian Judo Bank Services PMI for March came in at 54.4, and the Final Australian Judo Bank Composite PMI was at 53.3. Forex traders can compare this to the Australian Judo Bank Services PMI for February, reported at 53.1, and the Final Australian Judo Bank Composite PMI, reported at 52.1.
Australian Building Approvals for February dropped by 1.9% monthly and rose by 5.2% annualized. Forex traders can compare this to Australian Building Approvals for January, which contracted by 2.5% monthly and surged by 9.8% annualized. Private House Approvals for February accelerated by 10.8% monthly. Forex traders can compare this to Private House Approvals for January, which dropped by 9.9% monthly.
The Spanish HCOB Services PMI for March came in at 56.1. Economists predicted a figure of 55.5. Forex traders can compare this to the Spanish HCOB Services PMI for February, reported at 54.7.
The Italian HCOB Services PMI for March is predicted at 53.0. Forex traders can compare this to the Italian HCOB Services PMI for February, reported at 52.2.
The Final French HCOB Services PMI for March is predicted at 47.8, and the Final French HCOB Composite PMI at 47.7. Forex traders can compare this to the French HCOB Services PMI for February, reported at 48.4, and the French HCOB Composite PMI, reported at 48.1.
The Final German HCOB Services PMI for March is predicted at 49.8, and the Final German HCOB/BME Composite PMI at 47.4. Forex traders can compare this to the German HCOB Services PMI for February, reported at 48.3, and the German HCOB/BME Composite PMI, reported at 46.3.
The Final Eurozone HCOB Services PMI for March is predicted at 51.1, and the Final Eurozone HCOB Composite PMI at 49.9. Forex traders can compare this to the Eurozone HCOB Services PMI for February, reported at 50.2, and the Eurozone HCOB Composite PMI, reported at 49.2.
The Eurozone PPI for February is predicted to decrease by 0.6% monthly and plunge by 8.6% annualized. Forex traders can compare this to the Eurozone PPI for January, which contracted by 0.9% monthly and dropped by 8.6% annualized.
The forecast for the EUR/AUD is cautiously bullish, with price action at support. The Kijun-sen flatlined, with the Tenkan-sen moving lower following a bearish crossover. Adding to the upside momentum is the ascending Ichimoku Kinko Hyo Cloud. Traders should also monitor the CCI in extreme oversold territory. A breakout above -100 could trigger the next leg higher. Can bulls regain control over the EUR/AUD and push this currency pair into its horizontal resistance area? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
Should price action for the EUR/AUD remain inside the or breakout above the 1.6440 to 1.6485 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.6460
- Take Profit Zone: 1.6625 – 1.6680
- Stop Loss Level: 1.6395
Should price action for the EUR/AUD breakdown below 1.6440, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.6395
- Take Profit Zone: 1.6295 – 1.6350
- Stop Loss Level: 1.6440
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