Source: PaxForex Premium Analytics Portal, Fundamental Insight
Australian Building Approvals for June decreased 6.7% monthly, and Private House Approvals decreased 11.8% annualized. Forex traders can compare this to Australian Building Approvals for May, which decreased 7.6% monthly, and to Private House Approvals, which decreased 10.3% annualized.
Australian Home Loans for June decreased 2.5% monthly, and Investment Lending for Homes increased 0.7% monthly. Forex traders can compare this to Australian Home Loans for May, which increased 1.9% monthly, and to Investment Lending for Homes, which increased 13.3% monthly.
The Australian RBA left interest rates unchanged at 0.10%. Economists predicted no change in interest rates. Forex traders can compare this to the previous Australian RBA Interest Rate Decision, where interest rates were left unchanged at 0.10%. The Australian RBA Commodity Index for July increased 59.9% annualized. Forex traders can compare this to the Australian RBA Commodity Index for June, which increased 50.1% annualized.
The Eurozone PPI for June is predicted to increase 1.4% monthly and 10.3% annualized. Forex traders can compare this to the Eurozone PPI for May, which increased 1.3% monthly and 9.6% annualized.
The forecast for the EUR/AUD turned bearish after this currency pair paused its advance, allowing bearish momentum to accumulate. As the Ichimoku Kinko Hyo Cloud ended its advance and turned sideways, the Kijun-sen and the Tenkan-sen followed suit. The CCI moved out of extreme overbought territory with plenty of downside potential ahead. Traders should remain patient, as volatility is expected to increase before bears regain control. Can bears take advantage of developing technical conditions to force the EUR/AUD into its next horizontal support 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 breakdown below the 1.6000 to 1.6100 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.6055
- Take Profit Zone: 1.5665 – 1.5735
- Stop Loss Level: 1.6185
Should price action for the EUR/AUD breakout above 1.6100, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.6185
- Take Profit Zone: 1.6255 – 1.6345
- Stop Loss Level: 1.6100
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
