Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Australian CPI for the third quarter increased 0.8% quarterly and 3.0% annualized. Economists predicted an increase of 0.8% quarterly and 3.1% annualized. Forex traders can compare this to the Australian CPI for the second quarter, which increased 0.8% quarterly and 3.8% annualized. The RBA Trimmed Mean CPI for the third quarter increased 0.7% quarterly and 2.1% annualized. Economists predicted an increase of 0.5% quarterly and 1.8% annualized. Forex traders can compare this to the RBA Trimmed Mean CPI for the second quarter, which increased 0.5% quarterly and 1.6% annualized. The RBA Weighted Median CPI for the third quarter increased 0.7% quarterly and 2.1% annualized. Economists predicted an increase of 0.5% quarterly and 1.9% annualized. Forex traders can compare this to the RBA Weighted Median CPI for the second quarter, which increased 0.5% quarterly and 1.7% annualized.
Chinese Industrial Profits for September increased by 16.3% annualized. Forex traders can compare this to Chinese Industrial Profits for August, which increased 10.1% annualized.
The German Import Price Index for September is predicted to increase 1.5% monthly and 18.0% annualized. Forex traders can compare this to the German Import Price Index for August, which increased 1.4% monthly and 16.5% annualized. The German GfK Consumer Confidence Survey for November is predicted at -0.5. Forex traders can compare this to the German GfK Consumer Confidence Survey for October, reported at 0.3.
French Consumer Confidence for October is predicted at 101. Forex traders can compare this to French Consumer Confidence for September, reported at 102. Eurozone M3 Money Supply for September is predicted to increase by 7.5% annualized. Forex traders can compare this to Eurozone M3 Money Supply for August, which increased 7.9% annualized.
The forecast for the EUR/AUD remains bearish, driven lower by its descending Ichimoku Kinko Hyo Cloud. Adding to downside pressure are the Tenkan-sen and the Kijun-sen, which continue their move lower. The CCI advanced inside extreme bearish territory, and traders should wait for a breakout above -100, followed by an expected reversal, before entering new short positions. Can bears pressure the EUR/AUD into its next horizontal support area and a multi-year low? 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 1.5390 to 1.5490 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.5430
- Take Profit Zone: 1.4980 – 1.5110
- Stop Loss Level: 1.555
Should price action for the EUR/AUD breakout above 1.5490, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.5555
- Take Profit Zone: 1.5715 – 1.5810
- Stop Loss Level: 1.5490
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