Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Final Australian Judo Bank Manufacturing PMI for December came in at 47.6. Economists predicted a figure of 47.8. Forex traders can compare this to the Australian Judo Bank Manufacturing PMI for November, reported at 47.7.
Australian Commodity Prices for December plunged 10.7% annualized. Forex traders can compare this to Australian Commodity Prices for November, which dropped 12.8%.
The Chinese Caixin Manufacturing PMI for December came in at 50.8. Economists predicted a figure of 50.4. Forex traders can compare this to the Chinese Caixin Manufacturing PMI for November, reported at 50.7.
The Spanish HCOB Manufacturing PMI for December is predicted at 47.0. Forex traders can compare this to the Spanish HCOB Manufacturing PMI for November, reported at 46.3.
The Italian HCOB Manufacturing PMI for December is predicted at 44.4. Forex traders can compare this to the Italian Manufacturing PMI for November, reported at 44.4.
The Final French HCOB Manufacturing PMI for December is predicted at 42.0. Forex traders can compare this to the French Manufacturing PMI for November, reported at 42.9.
The Final German HCOB Manufacturing PMI for December is predicted at 43.1. Forex traders can compare this to the German Manufacturing PMI for November, reported at 42.6.
The Final Eurozone HCOB Manufacturing PMI for December is predicted at 44.2. Forex traders can compare this to the Eurozone Manufacturing PMI for November, reported at 44.2.
Eurozone M3 Money Supply for November is predicted to decrease by 1.0% annualized. Forex traders can compare this to Eurozone M3 Money Supply for October, which contracted by 1.0% annualized. Eurozone Private Sector Loans for November are predicted to rise by 0.8% annualized. Forex traders can compare this to Eurozone Private Sector Loans for October, which rose by 0.6% annualized.
The forecast for the EUR/AUD turned cautiously bullish after this currency pair corrected into its horizontal support area. Volatility could remain high to start the new trading year, but the Tenkan-sen and Kijun-sen show signs of slowing their descent. The Ichimoku Kinko Hyo Cloud stabilized following its downward shift, with the Senkou Span A and the Senkou Span flat, as bulls and bears are set to fight for control over the next move. Traders should also monitor the CCI following its breakout from extreme oversold territory, aided by a positive divergence. A move above zero could trigger the next advance. Can bulls regain control over the EUR/AUD and drive 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 1.6130 to 1.6195 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.6160
- Take Profit Zone: 1.6375 – 1.6430
- Stop Loss Level: 1.6095
Should price action for the EUR/AUD breakdown below 1.6130, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.6095
- Take Profit Zone: 1.5935 – 1.5995
- Stop Loss Level: 1.6130
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