Source: PaxForex Premium Analytics Portal, Fundamental Insight
New Zealand NZIER Business Confidence for the second quarter came in at -44%. Forex traders can compare this to New Zealand NZIER Business Confidence for the first quarter, reported at -25%. New Zealand NZIER QSBO Capacity Utilization for the second quarter was 88.7%. Forex traders can compare this to New Zealand NZIER QSBO Capacity Utilization for the first quarter, reported at 90.2%.
New Zealand Building Permits for May decreased by 0.7% monthly. Forex traders can compare this to New Zealand Building Permits for April, which dropped 2.1% monthly.
The Spanish Unemployment Change for June is predicted at -50.9K. Forex traders can compare this to the Spanish Unemployment Change for May, reported at -58.7K.
The Italian Unemployment Rate for May is predicted at 6.9%. Forex traders can compare this to the Italian Unemployment Rate for April, reported at 6.9%.
The Eurozone CPI for June is predicted to rise by 2.5% annualized and the Eurozone Core CPI by 2.8% annualized. Forex traders can compare this to the Eurozone CPI for May, which increased 2.6% annualized, and to the Eurozone Core CPI, which rose 2.9% annualized.
The Eurozone Unemployment Rate for May is predicted at 6.4%. Forex traders can compare this to the Eurozone Unemployment Rate for April, reported at 6.4%.
The forecast for the EUR/NZD turned cautiously bearish following a 13-day rally that took this currency pair from its horizontal support area into its horizontal resistance area. Short-term volatility may increase after a bullish crossover between the ascending Tenkan-sen above the upward-drifting Kijun-sen. The widening Ichimoku Kinko Hyo Cloud counters bullish pressures as the Senkou Span A continues to move lower after a bearish crossover, with the Senkou Span B flat. Traders should also monitor the CCI in extreme overbought territory at unsustainable levels. A breakdown below 100 could trigger the expected sell-off. Can bears regain control over the EUR/NZD 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/NZD remain inside the or breakdown below the 1.7680 to 1.7745 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.7715
- Take Profit Zone: 1.7390 – 1.7460
- Stop Loss Level: 1.7820
Should price action for the EUR/NZD break out above 1.7745, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @1.7820
- Take Profit Zone: 1.7885 – 1.7915
- Stop Loss Level: 1.7745
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