Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Australian AiG Construction Index for June came in at 10.6. Forex traders can compare this to the Australian AiG Construction Index for May, reported at -6.6. The AiG Manufacturing Index for June came in at -19.8. Forex traders can compare this to the AiG Manufacturing Index for May, reported at -5.1.
The Australian AiG Services Index for June came in at 50.3. Economists predicted a reading of 50.7. Forex traders can compare this to the Australian AiG Services Index for May, reported at 52.1.
The Hong Kong Manufacturing PMI for June came in at 50.3. Economists predicted a figure of 51.5. Forex traders can compare this to the Hong Kong Manufacturing PMI for May, reported at 50.6.
Australian Final Retail Sales for May rose 0.7% monthly. Economists predicted an increase of 0.7% monthly. Forex traders can compare this to Australian Retail Sales for April, which were flat at 0.0% monthly.
The Chinese Caixin Services PMI for June came in at 53.9, and the Chinese Caixin Composite PMI at 52.5. Forex traders can compare this to the Chinese Caixin Composite PMI for May, reported at 57.1, and the Chinese Caixin Composite PMI at 55.6.
French Industrial Production for May increased by 1.2% monthly. Economists predicted a contraction of 0.2%. Forex traders can compare this to French Industrial Production for April, which rose 0.8% monthly.
Spanish Industrial Production for May is predicted to decrease by 0.5% annualized. Forex traders can compare this to Spanish Industrial Production for April, which contracted by 0.9% annualized.
The Spanish S&P Global Services PMI for June is predicted at 55.5. Forex traders can compare this to the Spanish S&P Global Services PMI for May, reported at 56.7.
The Italian S&P Global Services PMI for June is predicted at 53.0. Forex traders can compare this to the Italian S&P Global Services PMI for May, reported at 54.0.
The Final French S&P Global Services PMI for June is predicted at 48.0, and the Final French S&P Global Composite PMI at 47.3. Forex traders can compare this to the French S&P Global Services PMI for May, reported at 52.5, and the French S&P Global Composite PMI at 51.2.
The Final German S&P Global Services PMI for June is predicted at 54.1, and the Final German S&P Global/BME Composite PMI at 50.8. Forex traders can compare this to the German S&P Global Services PMI for May, reported at 57.2, and the German S&P Global/BME Composite PMI at 53.9.
The Final Eurozone S&P Global Services PMI for June is predicted at 52.4, and the Final Eurozone S&P Global Composite PMI at 50.3. Forex traders can compare this to the Eurozone S&P Global Services PMI for May, reported at 55.1, and the Eurozone S&P Global Composite PMI at 52.8.
The Eurozone PPI for May is predicted to decrease by 1.8% monthly and 1.3% annualized. Forex traders can compare this to the Eurozone PPI for April, which contracted by 3.2% monthly and rose by 1.0% annualized.
Spanish Consumer Confidence for June is predicted at 79.4. Forex traders can compare this to Spanish Consumer Confidence for May, reported at 81.5.
The forecast for the EUR/AUD remains bullish after price action retreated below its ascending Ichimoku Kinko Hyo Cloud. The Kijun-sen has flatlined, while the Tenkan-sen continues to move higher, suggesting more volatility. Traders should monitor the CCI after retreating from extreme overbought territory. This technical indicator remains above zero and could graze the zero barrier before bouncing higher, taking price action with it. Can bulls maintain control over the EUR/AUD and push this currency pair 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 1.6250 to 1.6330 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.6285
- Take Profit Zone: 1.6555 – 1.6670
- Stop Loss Level: 1.6200
Should price action for the EUR/AUD breakdown below 1.6250, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.6200
- Take Profit Zone: 1.6025 – 1.6100
- Stop Loss Level: 1.6250
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