Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Australian AiG Performance of Manufacturing Index for July came in at 52.5. Forex traders can compare this to the Australian AiG Performance of Manufacturing Index for June, reported at 54.0. The Final Australian Markit Manufacturing PMI for July came in at 55.7. Forex traders can compare this to the Australian Markit Manufacturing PMI for June, reported at 56.2.
Australian TD Securities Inflation for July increased 1.2% monthly. Forex traders can compare this to Australian TD Securities Inflation for June, which rose 0.3% monthly. Australian ANZ Job Advertisements for July decreased by 1.1% monthly. Forex traders can compare this to Australian ANZ Job Advertisements for June, which rose 0.4% monthly.
The Chinese Caixin Manufacturing PMI for July came in at 50.4. Economists predicted a figure of 51.5. Forex traders can compare this to the Chinese Caixin Manufacturing PMI for June, reported at 51.7.
German Retail Sales for June are predicted to rise 0.2% monthly and to plunge 8.0% annualized. Forex traders can compare this to German Retail Sales for May, which increased 0.6% monthly and dropped 3.6% annualized.
The Spanish Manufacturing PMI for July is predicted at 50.1. Forex traders can compare this to the Spanish Markit Manufacturing PMI for June, reported at 52.6. The Italian Manufacturing PMI for July is predicted at 49.1. Forex traders can compare this to the Italian Markit/ADACI Manufacturing PMI for June, reported at 50.9.
The Final French Manufacturing PMI for July is predicted at 49.6. Forex traders can compare this to the French Manufacturing PMI for June, reported at 51.4. The Final German Manufacturing PMI for July is predicted at 49.2. Forex traders can compare this to the German Manufacturing PMI for June, reported at 52.0.
The Final Eurozone Manufacturing PMI for July is predicted at 49.6. Forex traders can compare this to the Eurozone Manufacturing PMI for June, reported at 52.1.
The Italian Unemployment Rate for June is predicted at 8.1%. Forex traders can compare this to the Italian Unemployment Rate for May, reported at 8.1%. The Eurozone Unemployment Rate for June is predicted at 6.6%. Forex traders can compare this to the Eurozone Unemployment Rate for July, reported at 6.6%.
The forecast for the EUR/AUD remains bullish after this currency pair stabilized inside its horizontal support area and began moving higher. Confirming the lack of bearishness are the Tenkan-sen and the Kijun-sen, which entered a sideways trend. Volatility could rise as the Senkou Span A crossed below the Senkou Span B, but the Ichimoku Kinko Hyo Cloud lacks broad bearishness. Traders should monitor the CCI following a higher low in extreme oversold territory and a breakout above -100. A move above zero could trigger more buying in this currency pair. Can bulls increase their momentum and push the EUR/AUD 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 1.4510 to 1.4710 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.4635
- Take Profit Zone: 1.5075 – 1.5155
- Stop Loss Level: 1.4485
Should price action for the EUR/AUD breakdown below 1.4510, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.4485
- Take Profit Zone: 1.4315 – 1.4390
- Stop Loss Level: 1.4510
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