Source: PaxForex Premium Analytics Portal, Fundamental Insight
Australian Building Approvals for February increased by 43.5% monthly and Private House Approvals by 16.5% monthly. Forex traders can compare this to Australian Building Approvals for January, which plunged 27.1% monthly, and Private House Approvals, which dropped 16.3% monthly.
Australian Private Sector Credit for February increased 0.6% monthly and Housing Credit by 0.6% monthly. Forex traders can compare this to Australian Private Sector Credit for January, which rose 0.6% monthly, and Housing Credit by 0.7% monthly.
The Chinese Non-Manufacturing PMI for March came in at 48.4, and the Chinese Manufacturing PMI at 49.5. Economists predicted a figure of 42.0 and 45.0. Forex traders can compare this to the Chinese Non-Manufacturing PMI for February, reported at 51.6, and the Chinese Manufacturing PMI at 50.2. The Chinese Composite PMI for March came in at 48.8. Forex traders can compare this to the Chinese Composite PMI for February, reported at 51.2.
German Retail Sales for February rose 0.3% monthly and 7.0% annualized. Economists predicted a rise of 0.5% and 6.1%. Forex traders can compare this to German Retail Sales for January, which increased 2.0% monthly and 10.4% annualized. French Consumer Spending for February is predicted to increase 1.2% monthly. Forex traders can compare this to French Consumer Spending for January, which decreased by 1.5% monthly.
The Preliminary French CPI for March is predicted to increase 1.3% monthly and 4.3% annualized. Forex traders can compare this to the French CPI for February, which rose 0.8% monthly and 3.6% annualized. The French Harmonized Spanish CPI for March is predicted to expand 1.5% monthly and 4.8% annualized. Forex traders can compare this to the French Harmonized Spanish CPI for January, which rose 0.9% monthly and 4.2% annualized.
The German Unemployment Change for March is predicted at -20.0K and the German Unemployment Rate at 5.0%. Forex traders can compare this to the German Unemployment Change for February, reported at -33.0K, and the German Unemployment Rate, reported at 5.0%. The Italian Unemployment Rate for February is predicted at 8.7%. Forex traders can compare this to the Italian Unemployment Rate for January, reported at 8.8%. The Eurozone Unemployment Rate for February is predicted at 6.7%. Forex traders can compare this to the Eurozone Unemployment Rate for January, reported at 6.8%.
The Preliminary Italian CPI for March is predicted to expand 0.9% monthly and 6.4% annualized. Forex traders can compare this to the Italian CPI for February, which rose 0.9% monthly and 5.7% annualized. The Preliminary Italian Harmonized CPI for March is predicted to increase 2.8% monthly and 7.2% annualized. Forex traders can compare this to the Italian Harmonized CPI for February, which rose 0.8% monthly and 6.2% annualized.
The forecast for the EUR/AUD remains bullish after this currency pair broke out from its horizontal support area and accelerated higher, pushing above its descending Tenkan-sen. Caution remains until price action can clear its downward drifting Kijun-sen. Adding bullishness is the flat Ichimoku Kinko Hyo Cloud, which shows signs of upward momentum with the rising Senkou Span A. Following the breakout from extreme oversold territory, price action moved above zero and has plenty of upside potential. Can bulls add to their rally and force 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 1.4830 to 1.4985 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.4915
- Take Profit Zone: 1.5395 – 1.5560
- Stop Loss Level: 1.4750
Should price action for the EUR/AUD breakdown below 1.4830, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 14750
- Take Profit Zone: 1.4535 – 1.4590
- Stop Loss Level: 1.4830
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