Source: PaxForex Premium Analytics Portal, Fundamental Insight
Australian Retail Sales for May rose 0.9% monthly. Economists predicted an increase of 0.4% monthly. Forex traders can compare this to Australian Retail Sales for April, which increased 0.9% monthly.
The Preliminary Spanish CPI for June is predicted to increase 0.6% monthly and 9.0% annualized. Forex traders can compare this to the Spanish CPI for May, which rose 0.8% monthly and 8.7% annualized. Spanish Harmonized CPI for June is predicted to rise 0.7% monthly and 8.7% annualized. Forex traders can compare this to the Spanish Harmonized CPI for May, which expanded 0.7% monthly and 8.5% annualized.
Eurozone M3 Money Supply for May is predicted to increase by 5.8% annualized. Forex traders can compare this to Eurozone M3 Money Supply for April, which rose 6.0% annualized.
Eurozone Economic Sentiment for June is predicted at 103.0. Forex traders can compare this to Eurozone Economic Sentiment for May, reported at 105.0. Eurozone Industrial Sentiment for June is predicted at 4.6, and Eurozone Services Sentiment at 12.5. Forex traders can compare this to Eurozone Industrial Sentiment for May, reported at 6.3, and the Eurozone Services Sentiment at 14.0. Final Eurozone Consumer Confidence for June is predicted at -23.6. Forex traders can compare this to the previous Eurozone Consumer Confidence for June, reported at -23.6.
The Preliminary German CPI for June is predicted to increase 0.3% monthly and 8.0% annualized. Forex traders can compare this to the German CPI for May, which rose 0.9% monthly and 7.9% annualized. The EU Harmonized German CPI for June is predicted to increase 0.4% monthly and 8.8% annualized. Forex traders can compare this to the EU Harmonized German CPI for May, which rose 1.1% monthly and 8.7% annualized.
The forecast for the EUR/AUD remains bullish after this currency pair moved above its Ichimoku Kinko Hyo Cloud, which shows signs of an upward move with an ascending Senkou Span B. Adding to bullishness is the Tenkan-sen, which drifts higher. Short-term volatility is likely to remain high as the Kijun-sen remains flat. Traders should monitor the CCI after it has moved out of extreme overbought territory. It is likely to stay above zero ad push higher as it possesses more upside potential. Can bulls keep the rally alive 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 1.5160 to 1.5340 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.5225
- Take Profit Zone: 1.5720 – 1.5810
- Stop Loss Level: 1.5050
Should price action for the EUR/AUD breakdown below 1.5160, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.5050
- Take Profit Zone: 1.4735 – 1.4825
- Stop Loss Level: 1.5160
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
