Source: PaxForex Premium Analytics Portal, Fundamental Insight
Australian NAB Business Conditions for April were reported at 32 and Australian NAB Business Confidence at 26. Forex traders can compare this to NAB Business Conditions for March reported at 25, and Australian NAB Business Confidence reported at 17.
Australian Retail Sales for March increased by 1.3% monthly. Economists predicted an increase of 1.4% monthly. Forex traders can compare this to Australian Retail Sales for February, which decreased by 0.8% monthly. Australian Retail Sales excluding Inflation for the first quarter decreased by 0.5% quarterly. Economists predicted a decrease of 0.4% quarterly. Forex traders can compare this to Australian Retail Sales excluding Inflation for the fourth quarter, which increased by 2.5% quarterly.
Eurozone Sentix Investor Confidence for May is predicted at 14.0. Forex traders can compare this to Eurozone Sentix Investor Confidence for April, reported at 13.1.
The forecast for the EUR/AUD turned bullish after this currency pair corrected to the bottom of its flattening Ichimoku Kinko Hyo Cloud. It resulted in a higher low, and while the Tenkan-sen extends its drift lower, the Kijun-sen turned sideways. Traders should expect a rise in volatility as bulls and bears face-off at a crucial junction. The CCI moved into extreme oversold territory and may move lower before accelerating to the upside. Can bulls prevail and force the EUR/AUD back into its horizontal resistance area? SSubscribe 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 1.5455 to 1.5510 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.5475
- Take Profit Zone: 1.5715 – 1.5765
- Stop Loss Level: 1.5400
Should price action for the EUR/AUD breakdown below 1.5455, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.5400
- Take Profit Zone: 1.5270 – 1.5335
- Stop Loss Level: 1.5455
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