Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Preliminary Australian Judo Bank Services PMI for March came in at 53.1, and the Preliminary Australian Judo Bank Manufacturing PMI was 49.6. Forex traders can compare this to the Australian Judo Bank Services PMI for April, reported at 53.6, and the Australian Judo Bank Manufacturing PMI was at 49.6.
Australian Consumer Inflation Expectations for May increased by 4.1% annualized. Forex traders can compare this to Australian Consumer Inflation Expectations for April, which expanded by 4.6% annualized.
The Preliminary French HCOB Manufacturing PMI for May is predicted at 45.8, the Preliminary French HCOB Services PMI at 51.8, and the Preliminary French HCOB Composite PMI at 51.0. Forex traders can compare this to the French HCOB Manufacturing PMI for April, reported at 45.3, the French HCOB Services PMI at 51.3, and the French HCOB Composite PMI at 50.5.
The Preliminary German HCOB Manufacturing PMI for May is predicted at 43.4, the Preliminary German HCOB Services PMI at 53.5, and the Preliminary German HCOB Composite PMI at 51.0. Forex traders can compare this to the German HCOB Manufacturing PMI for April, reported at 43.5, the German HCOB Services PMI at 53.2, and the German HCOB Composite PMI at 50.6.
The Preliminary Eurozone HCOB Manufacturing PMI for May is predicted at 46.2, the Preliminary Eurozone HCOB Services PMI at 53.6, and the Preliminary Eurozone HCOB Composite PMI at 52.0. Forex traders can compare this to the Eurozone HCOB Manufacturing PMI for April, reported at 45.7, the Eurozone HCOB Services PMI at 53.2, and the Eurozone HCOB Composite PMI at 51.7.
Advanced Eurozone Consumer Confidence for May is predicted at -14.0. Forex traders can compare this to the previous Eurozone Consumer Confidence for April, reported at -14.7.
The forecast for the EUR/AUD is cautiously bullish, but volatility could rise with this currency pair trading above its flat Tenkan-sen and below its flat Kijun-sen. The downward-shifting Ichimoku Kinko Hyo Cloud provides longer-term downside momentum, with the Senkou Span B flat and the Senkou Span Amoving moderately lower. Traders should also monitor the CCI in extreme overbought territory. This technical indicator may dip below 100 before making one final push higher. Can bulls control 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 1.6325 to 1.6370 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.6340
- Take Profit Zone: 1.6490 – 1.6555
- Stop Loss Level: 1.6290
Should price action for the EUR/AUD break down below 1.6325, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.6290
- Take Profit Zone: 1.6180 – 1.6210
- Stop Loss Level: 1.6325
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