Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Australian Current Account Balance for the third quarter came in at -A$0.2B. Economists predicted a figure of A$3.1B. Forex traders can compare this to the Australian Current Account Balance for the second quarter, reported at A$7.8B. Australian Net Exports of GDP for the third quarter decreased 0.6% quarterly. Economists predicted a contraction of 0.2%. Forex traders can compare this to Australian Net Exports of GDP for the second quarter, which rose by 0.8% quarterly.
The Chinese Caixin Services PMI for November came in at 51.5, and the Chinese Caixin Composite PMI at 51.6. Forex traders can compare this to the Chinese Caixin Composite PMI for October, reported at 50.4, and the Chinese Caixin Composite PMI at 50.4.
The Reserve Bank of Australia kept interest rates unchanged at 4.35%. Economists predicted no change from 4.35%. Forex traders can compare this to the previous Reserve Bank of Australia's interest rate decision, where it kept interest rates unchanged at 4.35%. It marked the second consecutive meeting where the Australian central bank opted to maintain its current monetary policy stance.
French Industrial Production for October is predicted to increase 0.2% monthly. Forex traders can compare this to French Industrial Production for September, which decreased 0.5% monthly.
Spanish Industrial Production for October is predicted to decrease by 1.7% annualized. Forex traders can compare this to Spanish Industrial Production for September, which contracted 1.4% annualized.
The Spanish HCOB Services PMI for November is predicted at 51.5. Forex traders can compare this to the Spanish HCOB Services PMI for October, reported at 51.1.
The Italian HCOB Services PMI for November is predicted at 48.2. Forex traders can compare this to the Italian HCOB Services PMI for October, reported at 47.7.
The Final French HCOB Services PMI for November is predicted at 45.3, and the Final French HCOB Composite PMI at 44.5. Forex traders can compare this to the French HCOB Services PMI for October, reported at 45.2, and the French HCOB Composite PMI at 44.6.
The Final German HCOB Services PMI for November is predicted at 48.7, and the Final German HCOB/BME Composite PMI at 47.1. Forex traders can compare this to the German HCOB Services PMI for October, reported at 48.2, and the German HCOB/BME Composite PMI at 45.9.
The Final Eurozone HCOB Services PMI for November is predicted at 48.2, and the Final Eurozone HCOB Composite PMI at 47.1. Forex traders can compare this to the Eurozone HCOB Services PMI for October, reported at 47.8, and the Eurozone HCOB Composite PMI at 46.5.
The Eurozone PPI for October is predicted to increase by 0.2% monthly and plunge by 9.5% annualized. Forex traders can compare this to the Eurozone PPI for September, which rose by 0.5% monthly and dropped by 12.4% annualized.
The forecast for the EUR/AUD is bullish after this currency pair broke out from its horizontal support area. Volatility may rise with the Ichimoku Kinko Hyo Cloud and the Kijun-sen flat, but the Tenkan-se drifting lower. Traders should also monitor the CCI following its breakout from extreme oversold territory with plenty of upside potential. A move above zero could accelerate the reversal. Can bulls maintain control over the EUR/AUD and push price action 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 1.6425 to 1.6495 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.6455
- Take Profit Zone: 1.6695 – 1.6760
- Stop Loss Level: 1.6375
Should price action for the EUR/AUD breakdown below 1.6425, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.6375
- Take Profit Zone: 1.6265 – 1.6325
- Stop Loss Level: 1.6425
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