Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Australian Westpac Leading Index for September rose by 0.07% monthly. Forex traders can compare this to the Australian Westpac Leading Index for August, which decreased by 0.04%.
The Chinese GDP for the third quarter increased by 1.3% quarterly and 4.9% annualized. Economists predicted a rise of 1.0% quarterly and 4.4% annualized. Forex traders can compare this to the Chinese GDP for the second quarter, which rose by 0.5% quarterly and 6.3% annualized. The Chinese GDP for 2023 year-to-date increased by 5.2%. Forex traders can compare this to the Chinese GDP for 2022 year-to-date, which rose by 5.5%.
Chinese Retail Sales for September increased by 5.5% annualized. Economists predicted a rise of 4.9% annualized. Forex traders can compare this to Chinese Retail Sales for August, which expanded by 4.6% annualized.
Chinese Industrial Production for September increased by 4.5% annualized. Economists predicted an expansion of 4.3% annualized. Forex traders can compare this to Chinese Industrial Production for August, which rose 4.5% annualized.
Chinese Fixed Assets ex Rural for September expanded by 3.1% annualized. Economists predicted a rise of 3.2% annualized. Forex traders can compare this to Chinese Fixed Assets ex Rural for August, which increased 3.2% annualized.
The Chinese Surveyed Jobless Rate for September came in at 5.0%. Economists predicted 5.2%. Forex traders can compare this to the Chinese Surveyed Jobless Rate for August, reported at 5.2%.
The Italian Trade Balance for August is predicted at €6.050B. Forex traders can compare this to the Italian Trade Balance for July, reported at €6.375B.
The Eurozone CPI for September is predicted to increase by 0.3% monthly and 4.3% annualized. Forex traders can compare this to the Eurozone CPI for August, which rose by 0.5% monthly and 5.2% annualized. The Eurozone Core CPI for September is predicted to rise by 0.2% monthly and 4.5% annualized. Forex traders can compare this to the Eurozone Core CPI for August, which increased by 0.3% monthly and 5.3% annualized. The Eurozone Harmonized Core CPI for September is predicted to rise 0.2% monthly and 5.5% annualized. Forex traders can compare this to the Eurozone Harmonized Core CPI for August, which accelerated by 0.3% monthly and 6.2% annualized.
The forecast for the EUR/AUD remains cautiously bullish after this currency pair took a breather from its most recent advance. Following a bullish crossover, the Tenkan-sen and the Kijun-sen flatlined. The Ichimoku Kinko Hyo Cloud entered a sideways trend after a bearish crossover. Traders should also monitor the CCI after it recorded a higher high in extreme overbought territory, followed by a breakdown. This technical indicator remains above zero with plenty of upside potential. Can bulls maintain control over the EUR/AUD and push price action into its horizontal resistance area and a fresh 2023 high? 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 1.6530 to 1.6615 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.6565
- Take Profit Zone: 1.6960 – 1.7065
- Stop Loss Level: 1.6445
Should price action for the EUR/AUD breakdown below 1.6530, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.6445
- Take Profit Zone: 1.6300 – 1.6445
- Stop Loss Level: 1.6530
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