Source: PaxForex Premium Analytics Portal, Fundamental Insight
in at a €18.4B. Economists predicted a figure of €16.0B. Forex traders can compare this to German Trade Balance for March, reported at €14.9B. Exports for April expanded by 1.2% monthly, and Imports decreased by 1.7% monthly. Economists predicted a drop of 2.5% and 1.0%. Forex traders can compare this to Exports for March, which plunged by 6.0% monthly, and Imports by 5.5% monthly.
The Spanish S&P Global Services PMI for May is predicted at 59.9. Forex traders can compare this to the Spanish S&P Global Services PMI for April, reported at 57.9. The Italian S&P Global Services PMI for May is predicted at 56.5. Forex traders can compare this to the Italian S&P Global Services PMI for April, reported at 57.6.
The Final French S&P Global Services PMI for May is predicted at 52.8, and the Final French S&P Global Composite PMI at 51.4. Forex traders can compare this to the French S&P Global Services PMI for April, reported at 54.6, and the French S&P Global Composite PMI at 52.4.
The Final German S&P Global Services PMI for May is predicted at 57.8, and the Final German S&P Global/BME Composite PMI at 54.3. Forex traders can compare this to the German S&P Global Services PMI for April, reported at 56.0, and the German S&P Global/BME Composite PMI at 54.2.
The Final Eurozone S&P Global Services PMI for May is predicted at 55.9, and the Final Eurozone S&P Global Composite PMI at 53.3. Forex traders can compare this to the Eurozone S&P Global Services PMI for April, reported at 56.2, and the Eurozone S&P Global Composite PMI reported at 54.1.
Eurozone Sentix Investor Confidence for June is predicted at -15.2. Forex traders can compare this to Eurozone Sentix Investor Confidence for May, reported at -13.1.
The Eurozone PPI for April is predicted to decrease by 3.1% monthly and rise by 5.9% annualized. Forex traders can compare this to the Eurozone PPI for March, which contracted by 1.6% monthly and expanded by 5.9% annualized.
Spanish Consumer Confidence for May is predicted at 69.6. Forex traders can compare this to Spanish Consumer Confidence for April, reported at 73.0.
The forecast for the EUR/AUD turned cautiously bullish after this currency pair corrected into its ascending Ichimoku Kinko Hyo Cloud. Volatility could rise after the Tenkan-sen has flatlined while the Kijun-sen drifts lower. Traders should also monitor the CCI after reaching extreme oversold territory. A breakout could spark a price action reversal. Will bulls regain control over the EUR/AUD and pressure 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 1.6135 to 1.6250 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.6195
- Take Profit Zone: 1.6515 – 1.6605
- Stop Loss Level: 1.6035
Should price action for the EUR/AUD breakdown below 1.6135, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.6035
- Take Profit Zone: 1.5850 – 1.5940
- Stop Loss Level: 1.6135
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