Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Final Australian Judo Bank Manufacturing PMI for January came in at 50.1. Economists predicted a figure of 50.3. Forex traders can compare this to the Australian Judo Bank Manufacturing PMI for December, reported at 47.6.
Australian Building Approvals for December dropped by 9.5% monthly and contracted by 2.0% annualized. Forex traders can compare this to Australian Building Approvals for November, which rose by 0.3% monthly and contracted by 1.2% annualized. Australian Private House Approvals for December decreased by 0.5% monthly. Forex traders can compare this to Australian Private House Approvals for November, which dropped by 1.7% monthly.
The Australian Import Price Index for the fourth quarter increased 1.1% quarterly, and the Australian Export Price Index surged 5.6% quarterly. Forex traders can compare this to the Australian Import Price Index for the third quarter, which expanded 0.8% quarterly, and to the Australian Export Price Index, which contracted 3.1% quarterly.
Australian Commodity Prices for January plunged 10.4% annualized. Forex traders can compare this to Australian Commodity Prices for December, which dropped 11.2%.
The Spanish HCOB Manufacturing PMI for January is predicted at 47.9. Forex traders can compare this to the Spanish HCOB Manufacturing PMI for December, reported at 46.2.
The Italian HCOB Manufacturing PMI for January is predicted at 47.0. Forex traders can compare this to the Italian Manufacturing PMI for December, reported at 45.3.
The Final French HCOB Manufacturing PMI for January is predicted at 43.2. Forex traders can compare this to the French Manufacturing PMI for December, reported at 42.1.
The Final German HCOB Manufacturing PMI for January is predicted at 45.4. Forex traders can compare this to the German Manufacturing PMI for December, reported at 43.3.
The Final Eurozone HCOB Manufacturing PMI for January is predicted at 46.6. Forex traders can compare this to the Eurozone Manufacturing PMI for December, reported at 44.4.
The Preliminary Italian CPI for January is predicted to increase by 0.5% monthly and 1.1% annualized. Forex traders can compare this to the Italian CPI for December, which rose by 0.2% monthly and 0.6% annualized. The Preliminary Italian Harmonized CPI for January is predicted to contract by 1.3% monthly and expand by 0.7% annualized. Forex traders can compare this to the Italian Harmonized CPI for December, which rose 0.2% monthly and 0.5% annualized.
The Eurozone CPI for January is predicted to rise by 2.7% annualized and the Eurozone Core CPI by 3.2% annualized. Forex traders can compare this to the Eurozone CPI for December, which increased 2.9% annualized, and to the Eurozone Core CPI, which rose 3.4% annualized.
The Eurozone Unemployment Rate for December is predicted at 6.4%. Forex traders can compare this to the Eurozone Unemployment Rate for November, reported at 6.4%.
The forecast for the EUR/AUD remains bullish after this currency pair broke out above its horizontal resistance area and its narrowing Ichimoku Kinko Hyo Cloud. Short-term volatility could rise with the Tenkan-sen and the Kijun-sen flat. Traders should also monitor the CCI, which is approaching a breakout above the zero barrier, which would fuel further upside momentum. Can bulls maintain control over the EUR/AUD and pressure this currency pair into its next 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 1.6480 to 1.6555 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.6510
- Take Profit Zone: 1.6770 – 1.6840
- Stop Loss Level: 1.6435
Should price action for the EUR/AUD breakdown below 1.6480, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.6435
- Take Profit Zone: 1.6295 – 1.6350
- Stop Loss Level: 1.6480
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