Source: PaxForex Premium Analytics Portal, Fundamental Insight
Australian ANZ Job Advertisements for May increased by 2.1% monthly. Forex traders can compare this to Australian ANZ Job Advertisements for April, which rose 2.8% monthly.
Chinese Retail Sales for May increased by 3.7% annualized. Economists predicted a rise of 3.0% annualized. Forex traders can compare this to Chinese Retail Sales for April, which expanded by 2.3% annualized.
Chinese Industrial Production for May increased by 5.6% annualized. Economists predicted an expansion of 6.2% annualized. Forex traders can compare this to Chinese Industrial Production for April, which rose 6.7% annualized.
Chinese Fixed Assets ex Rural for May expanded by 4.0% annualized. Economists predicted a rise of 4.2% annualized. Forex traders can compare this to Chinese Fixed Assets ex Rural for April, which increased 4.2% annualized.
The Chinese Surveyed Jobless Rate for May came in at 5.0%. Economists predicted 5.0%. Forex traders can compare this to the Chinese Surveyed Jobless Rate for April, reported at 5.0%.
The Chinese House Price Index for May decreased by 3.9% annualized. Forex traders can compare this to the Chinese House Price Index for April, which contracted 3.1% annualized.
The Final Italian CPI for May is predicted to rise 0.2% monthly and 0.8% annualized. Forex traders can compare this to the Italian CPI for April, which expanded 0.1% monthly and 0.8% annualized. The Final Italian Harmonized CPI for May is predicted to accelerate by 0.2% monthly and by 0.8% annualized. Forex traders can compare this to the Italian Harmonized CPI for April, which rose by 0.5% monthly and 0.9% annualized.
The Eurozone Labor Cost Index for the first quarter is predicted to increase by 4.9% annualized. Forex traders can compare this to the Eurozone Labor Cost Index for the fourth quarter, which rose 3.4% annualized.
The forecast for the EUR/AUD turned bullish after this currency pair corrected into its horizontal support area. The Kijun-sen and the Tenkan-sen flatlined, suggesting a lack of short-term selling pressure. Volatility may increase with the Senkou Span A of the Ichimoku Kinko Hyo Cloud shifting lower and the Senkou Span B flat. Traders should also monitor the CCI in extreme oversold territory, as this technical indicator began to rise. A breakout above -100 could trigger the next leg higher. Can bulls regain control over the EUR/AUD and push 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 1.6175 to 1.6235 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.6205
- Take Profit Zone: 1.6445 – 1.6510
- Stop Loss Level: 1.6145
Should price action for the EUR/AUD break down below 1.6175, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.6145
- Take Profit Zone: 1.6000 – 1.6080
- Stop Loss Level: 1.6175
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