Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Australian Employment Change for September came in at 64.1K, and the Unemployment Rate at 4.1%. Economists predicted a figure of 25.2K and 4.2%. Forex traders can compare this to the Australian Employment Change for August, reported at 42.6K, and the Unemployment Rate reported at 4.1%. The Labor Force Participation Rate for September came in at 67.2%. Economists predicted a reading of 67.1%. Forex traders can compare this to the Labor Force Participation Rate for August, reported at 67.1%.
Australian NAB Business Confidence for the third quarter came in at -6. Forex traders can compare this to Australian NAB Business Confidence for the second quarter, reported at -1.
Total Australian Reserve Assets for September came in at A$93.0B. Forex traders can compare this to Total Australian Reserve Assets for August, reported at A$93.1B.
The Italian Trade Balance for August is predicted at €5.550B. Forex traders can compare this to the Italian Trade Balance for July, reported at €6.743B.
The Eurozone CPI for September is predicted to decrease by 0.1% monthly and increase by 1.8% annualized. Forex traders can compare this to the Eurozone CPI for August, which expanded by 0.1% monthly and 2.2% annualized. The Eurozone Core CPI for September is predicted to accelerate by 0.1% monthly and by 2.7% annualized. Forex traders can compare this to the Eurozone Core CPI for August, which rose by 0.3% monthly and 2.8% annualized. The Eurozone Harmonized Core CPI for September is predicted to increase by 0.1% monthly and by 2.7% annualized. Forex traders can compare this to the Eurozone Harmonized Core CPI for August, which accelerated by 0.3% monthly and 2.8% annualized.
The Eurozone Trade Balance for August is predicted at €17.8B. Forex traders can compare this to the Eurozone Trade Balance for July, reported at €21.2B.
The ECB is predicted to cut its Interest Rate by 0.25% to 3.40% and its Deposit Facility Rate by 0.25% to 3.25%. Traders should listen to the press conference for clues about future monetary policy changes.
The forecast for the EUR/AUD turned bearish, with this currency pair trapped between its ascending Tenkan-sen and descending Kijun-sen. The Senkou Span A and the Senkou Span B of the Ichimoku Kinko Hyo Cloud have flatlined but are in a downward shift with a widening gap. Traders should also monitor the CCI following its breakdown from overbought territory. This technical indicator has plenty of downside potential, and a move below zero could trigger the next leg lower. Can bears maintain control over the EUR/AUD and force price action 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 1.6230 to 1.6280 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.6255
- Take Profit Zone: 1.6000 – 1.6060
- Stop Loss Level: 1.6355
Should price action for the EUR/AUD break out above 1.6280, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.6355
- Take Profit Zone: 1.6425 – 1.6475
- Stop Loss Level: 1.6280
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