Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Preliminary Australian Manufacturing PMI for February came in at 57.6, the Preliminary Australian Services PMI at 56.4, and the Preliminary Australian Composite PMI at 55.9. Forex traders can compare this to the Australian Manufacturing PMI for January, reported at 55.1, the Australian Services PMI at 46.6, and the Australian Composite PMI at 46.7.
The German PPI for January increased 2.2% monthly and 25.0% annualized. Economists predicted an increase of 1.5% and 24.2%. Forex traders can compare this to the German PPI for December, which increased 5.0% monthly and 24.2% annualized.
The Preliminary French Markit Manufacturing PMI for February came in at 55.5, the Preliminary French Markit Services PMI at 53.6, and the Preliminary French Markit Composite PMI at 53.1. Forex traders can compare this to the French Markit Manufacturing PMI for January, reported at 55.5, the French Markit Services PMI at 53.1, and the French Markit Composite PMI at 52.7.
The Preliminary German Markit Manufacturing PMI for February came in at 59.5, the Preliminary German Markit Services PMI at 53.0, and the Preliminary German Markit Composite PMI at 54.3. Forex traders can compare this to the German Markit Manufacturing PMI for January, reported at 59.8, the German Markit Services PMI at 52.2, and the German Markit Composite PMI at 53.8.
The Preliminary Eurozone Markit Manufacturing PMI for February is predicted at 58.7, the Preliminary Eurozone Markit Services PMI at 52.0, and the Preliminary Eurozone Markit Composite PMI at 52.7. Forex traders can compare this to the Eurozone Markit Manufacturing PMI for January, reported at 58.7, the Eurozone Markit Services PMI at 51.1, and the Eurozone Markit Composite PMI at 52.3.
The forecast for the EUR/AUD turned bullish after this currency pair corrected into its ascending Ichimoku Kinko Hyo Cloud. Traders should expect a rise in volatility as bulls and bears square off at support. The Senkou Span B flatlined with the Senkou Span A ascending, showing short-term bullishness, but the Kijun-sen flatlined with the Tenkan-sen descending, favoring bears. Adding a final bullish signal is the CCI, which reached extreme oversold territory. A breakout above -100 should trigger a reversal in price action. Can bulls regain the upper hand and pressure 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 1.5720 to 1.5810 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.5755
- Take Profit Zone: 1.5950 – 1.6025
- Stop Loss Level: 1.5630
Should price action for the EUR/AUD breakdown below 1.5720, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.5630
- Take Profit Zone: 1.5490 – 1.5520
- Stop Loss Level: 1.5720
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