Source: PaxForex Premium Analytics Portal, Fundamental Insight
The New Zealand Business PMI for August came in at 54.9. Forex traders can compare this to the New Zealand Business PMI for July, reported at 53.5. New Zealand RBNZ Offshore Holdings for August were reported at 53.6%. Forex traders can compare this to New Zealand RBNZ Offshore Holdings for July, reported at 53.7%.
Chinese Retail Sales for August rose 5.4% annualized. Economists predicted an increase of 3.5% annualized. Forex traders can compare this to Chinese Retail Sales for July, which expanded by 2.7% annualized.
Chinese Industrial Production for August increased by 4.2% annualized. Economists predicted an expansion of 3.8% annualized. Forex traders can compare this to Chinese Industrial Production for July, which rose 3.8% annualized.
Chinese Fixed Assets ex Rural for August expanded 5.8% annualized. Economists predicted a rise of 5.5% annualized. Forex traders can compare this to Chinese Fixed Assets ex Rural for July, which increased 5.7% annualized.
The Chinese Surveyed Jobless Rate for August came in at 5.3%. Economists predicted 5.4%. Forex traders can compare this to the Chinese Surveyed Jobless Rate for July, reported at 5.4%.
The Chinese House Price Index for August decreased by 1.3%. Forex traders can compare this to the Chinese House Price Index for July, which contracted 0.9%.
The Italian Trade Balance for July is predicted at -€1.500B. Forex traders can compare this to the Italian Trade Balance for June, reported at -€2.166B.
The Final Italian CPI for August is predicted to rise 0.8% monthly and 8.4% annualized. Forex traders can compare this to the Italian CPI for July, which increased 0.4% monthly and 7.9% annualized. The Final Italian Harmonized Italian CPI for August is predicted to surge 0.8% monthly and 9.0% annualized. Forex traders can compare this to the Italian Harmonized Italian CPI for July, which decreased 1.1% monthly and rose 8.4% annualized.
The Final Eurozone CPI for August is predicted to increase 0.5% monthly and 9.1% annualized. Forex traders can compare this to the Eurozone CPI for July, which rose 0.1% monthly and 8.9% annualized. The Final Eurozone Core CPI for August is predicted to rise 0.5% monthly and 4.3% annualized. Forex traders can compare this to the Eurozone Core CPI for July, which increased 0.1% monthly and 4.0% annualized. The Final Eurozone Harmonized Core CPI for August is predicted to rise 0.6% monthly and 5.5% annualized. Forex traders can compare this to the Eurozone Harmonized Core CPI for July, which expanded 0.2% monthly and 5.1% annualized.
The forecast for the EUR/NZD turned bearish after this currency pair advanced into its horizontal resistance area. Volatility could spike as the Kijun-sen and the Tenkan-sen move higher while the Ichimoku Kinko Hyo Cloud narrows in a sideways drift. Traders should monitor the CCI in extreme overbought territory, where a negative divergence formed. A sustained breakdown could spark a sell-off in price action. Can bears overpower bulls and force the EUR/NZD 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/NZD remain inside the or breakdown below the 1.6665 to 1.6770 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.6725
- Take Profit Zone: 1.6110 – 1.6200
- Stop Loss Level: 1.6830
Should price action for the EUR/NZD breakout above 1.6770, PaxForex recommends the following trade set-up :
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @1.6830
- Take Profit Zone: 1.6965 – 1.7000
- Stop Loss Level: 1.6770
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
