Source: PaxForex Premium Analytics Portal, Fundamental Insight
Australian TD Securities Inflation for December increased 0.2% monthly. Forex traders can compare this to the Australian TD Securities Inflation for November, which increased 0.3% monthly.
Australian Building Approvals for November increased 3.6% monthly, and Private House Approvals increased 1.4% monthly. Forex traders can compare this to Australian Building Approvals for October, which decreased 13.6% monthly, and Private House Approvals, which increased 4.3% monthly.
The Italian Unemployment Rate for November is predicted at 9.3%. Forex traders can compare this to the Italian Unemployment Rate for October, reported at 9.4%. The Eurozone Unemployment Rate for November is predicted at 7.2%. Forex traders can compare this to the Eurozone Unemployment Rate for October, reported at 7.3%.
Eurozone Sentix Investor Confidence for January is predicted at 12.0. Forex traders can compare this to Eurozone Sentix Investor Confidence for December, reported at 13.5.
The forecast for the EUR/AUD remains bearish after this currency pair moved below its Ichimoku Kinko Hyo Cloud, which flatlined with rising bearish momentum. Adding to downside pressures is the Kijun-sen, which gradually descends, while the Tenkan-sen entered a sideways trend. Traders should monitor the CCI for a breakdown from extreme overbought territory, as a move below 100 could trigger more selling. Can bears take advantage of favorable conditions and force the EUR/AUD 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 1.5700 to 1.5785 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.5740
- Take Profit Zone: 1.5340 – 1.5430
- Stop Loss Level: 1.5855
Should price action for the EUR/AUD breakout above 1.5785, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.5855
- Take Profit Zone: 1.5960 – 1.6000
- Stop Loss Level: 1.5785
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
