Source: PaxForex Premium Analytics Portal, Fundamental Insight
The New Zealand ANZ Activity Outlook for July decreased by 17.0%, and ANZ Business Confidence was reported at -42.4. Forex traders can compare this to the New Zealand ANZ Activity Outlook for June, which decreased by 8.9%, and to ANZ Business Confidence, reported at -31.8. Eurozone Sentix Investor Confidence for August is predicted at -15.1. Forex traders can compare this to Eurozone Sentix Investor Confidence for July, reported at -18.2.
The forecast for the EUR/NZD turned bearish after this currency pair peaked above its Ichimoku Kinko Hyo Cloud. The Chikou Span is nearing the Senkou Span A, confirming resistance ahead. Preliminary New Zealand business confidence and activity slumped in July expected to be duplicated by Eurozone investor confidence for August. A sell-off into its next horizontal support area appears likely, located just below the Ichimoku Kinko Hyo Cloud. Will bears force price action lower this week? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
Should price action for the EUR/NZD remain inside the or breakdown below the 1.7815 to 1.7915 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.7855
- Take Profit Zone: 1.7160 – 1.7265
- Stop Loss Level: 1.7960
Should price action for the EUR/NZD breakout above 1.7915 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.7960
- Take Profit Zone: 1.8115 – 1.8190
- Stop Loss Level: 1.7915
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