Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Australian AiG Construction Index for November came in at 48.2. Forex traders can compare this to the Australian AiG Construction Index for October, reported at 43.3.
The Final Australian S&P Global Services PMI for November came in at 47.6, and the Final Australian S&P Global Composite PMI at 48.0. Forex traders can compare this to the Australian S&P Global Services PMI for October, reported at 49.3, and the Final Australian S&P Global Composite PMI at 49.8.
Australian TD Securities Inflation for November increased by 1.0% monthly. Forex traders can compare this to Australian TD Securities Inflation for October, which rose 0.4% monthly.
Australian Business Inventories for the third quarter increased 1.7% quarterly, and Australian Company Gross Operating Profits plunged 12.4% quarterly. Economists predicted a rise of 1.6% and 4.0%. Forex traders can compare this to Australian Inventories for the second quarter, which rose 0.5% quarterly, and Australian Company Operating Profits which surged 7.8% quarterly. Company Pre-Tax Profits for the third quarter dropped 15.9% quarterly. Forex traders can compare this to Company Pre-Tax Profits for the second quarter, which surged 14.5% quarterly.
The Chinese Caixin Services PMI for November came in at 46.7, and the Chinese Caixin Composite PMI at 47.0. Forex traders can compare this to the Chinese Caixin Composite PMI for October, reported at 48.4, and the Chinese Caixin Composite PMI at 48.3.
The Spanish S&P Global Services PMI for November is predicted at 50.5. Forex traders can compare this to the Spanish S&P Global Services PMI for October, reported at 49.7.
The Italian S&P Global Services PMI for November is predicted at 48.3. Forex traders can compare this to the Italian S&P Global Services PMI for October, reported at 46.4.
The Final French S&P Global Services PMI for November is predicted at 49.4, and the Final French S&P Global Composite PMI at 48.7. Forex traders can compare this to the French S&P Global Services PMI for October, reported at 51.7, and the French S&P Global Composite PMI at 50.2.
The Final German S&P Global Services PMI for November is predicted at 46.4, and the Final German S&P Global/BME Composite PMI at 46.4. Forex traders can compare this to the German S&P Global Services PMI for October, reported at 46.5, and the German S&P Global/BME Composite PMI at 45.1.
The Final Eurozone S&P Global Services PMI for November is predicted at 48.6, and the Final Eurozone S&P Global Composite PMI at 47.8. Forex traders can compare this to the Eurozone S&P Global Services PMI for October, reported at 48.6, and the Eurozone S&P Global Composite PMI at 47.3.
Eurozone Sentix Investor Confidence for December is predicted at -27.6. Forex traders can compare this to Eurozone Sentix Investor Confidence for November, reported at -30.9.
Eurozone Retail Sales for October are predicted to drop 1.7% monthly and 2.6% annualized. Forex traders can compare this to Eurozone Retail Sales for September, which increased by 0.4% monthly and decreased by 0.6% annualized.
The forecast for the EUR/AUD turned bearish after its horizontal resistance area rejected price action. Confirming the lack of short-term bullish momentum are the flat Kijun-sen and the Tenkan-sen. The Ichimoku Kinko Hyo Cloud began to narrow in a sign of rising bearish pressures. Traders should monitor the CCI after briefly piercing into extreme overbought territory before plunging and reversing to a lower high. A move below zero could start another leg lower. Can bears strengthen their control over the EUR/AUD and force price action into its 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 1.5425 to 1.5525 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.5485
- Take Profit Zone: 1.4985 – 1.5100
- Stop Loss Level: 1.5645
Should price action for the EUR/AUD breakout above 1.5525, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.5645
- Take Profit Zone: 1.5750 – 1.5845
- Stop Loss Level: 1.5525
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