Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Australian Melbourne Institute Inflation Index for October increased 0.3% monthly. Forex traders can compare this to the Australian Melbourne Institute Inflation Index for September, which rose 0.1% monthly.
Australian ANZ Job Advertisements for October rose 0.3% monthly. Forex traders can compare this to Australian ANZ Job Advertisements for September, which increased 2.3% monthly.
The Spanish HCOB Manufacturing PMI for October is predicted at 53.1. Forex traders can compare this to the Spanish HCOB Manufacturing PMI for September, reported at 53.0.
The Italian HCOB Manufacturing PMI for October is predicted at 48.8. Forex traders can compare this to the Italian Manufacturing PMI for September, reported at 48.3.
The Final French HCOB Manufacturing PMI for October is predicted at 44.5. Forex traders can compare this to the French Manufacturing PMI for September, reported at 44.6.
The Final German HCOB Manufacturing PMI for October is predicted at 42.6. Forex traders can compare this to the German Manufacturing PMI for September, reported at 40.6.
The Final Eurozone HCOB Manufacturing PMI for October is predicted at 45.9. Forex traders can compare this to the Eurozone Manufacturing PMI for September, reported at 45.0.
Eurozone Sentix Investor Confidence for November is predicted at -12.67. Forex traders can compare this to Eurozone Sentix Investor Confidence for October, reported at -13.8.
The forecast for the EUR/AUD has turned cautiously bearish after this currency pair advanced into its horizontal resistance area. The Tenkan-sen and the Kijun-sen have flatlined, suggesting a lack of short-term bullish momentum. The Senkou Span A of the Ichimoku Kinko Hyo Cloud is moving lower, with the Senkou Span B flat, widening the Ichimoku Kinko Hyo Cloud and confirming rising medium-term downside pressure. Traders should also monitor the CCI after recording a higher high in extreme overbought territory followed by a breakdown. This technical indicator has plenty of downside potential to lead price action lower. Can bears regain control over the EUR/AUD and force this currency pair into its horizontal support 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 breakdown below the 1.6495 to 1.6540 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.6520
- Take Profit Zone: 1.6155 – 1.6230
- Stop Loss Level: 1.6580
Should price action for the EUR/AUD break out above 1.6540, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.6580
- Take Profit Zone: 1.6675 – 1.6715
- Stop Loss Level: 1.6540
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