Source: PaxForex Premium Analytics Portal, Fundamental Insight
New Zealand NZIER Business Confidence for the second quarter came in at -65%. Forex traders can compare this to New Zealand NZIER Business Confidence for the first quarter, reported at -40%. New Zealand NZIER QSBO Capacity Utilization for the second quarter came in at 93.4%. Forex traders can compare this to New Zealand NZIER QSBO Capacity Utilization for the first quarter, reported at 97.1%.
The New Zealand ANZ Commodity Price Index for June decreased 0.4% monthly. Forex traders can compare this to the New Zealand ANZ Commodity Price Index for May, which dropped 4.3% monthly.
The Chinese Caixin Services PMI for June came in at 54.5. Economists predicted a reading of 49.7. Forex traders can compare this to the Chinese Caixin Composite PMI for May, reported at 41.4.
French Industrial Production for May is predicted to increase 0.2% monthly. Forex traders can compare this to French Industrial Production for April, which decreased 0.1% monthly.
The Spanish Markit Services PMI for June is predicted at 53.5. Forex traders can compare this to the Spanish Markit Services PMI for May, reported at 56.5. The Italian Markit Services PMI for June is predicted at 51.5. Forex traders can compare this to the Italian Markit Services PMI for May, reported at 53.7.
The Final French Markit Services PMI for June is predicted at 54.4, and the Final French Markit Composite PMI at 52.8. Forex traders can compare this to the French Markit Services PMI for May, reported at 58.3, and the French Markit Composite PMI at 56.1.
The Final German Markit Services PMI for June is predicted at 52.4, and the Final German Markit/BME Composite PMI at 51.3. Forex traders can compare this to the German Markit Services PMI for May, reported at 55.0, and the German Markit/BME Composite PMI at 53.7.
The Final Eurozone Markit Services PMI for June is predicted at 52.8, and the Final Eurozone Markit Composite PMI at 51.9. Forex traders can compare this to the Eurozone Markit Services PMI for May, reported at 56.1, and the Eurozone Markit Composite PMI at 54.8.
The forecast for the EUR/NZD remains bullish as the ascending Ichimoku Kinko Hyo Cloud supports more upside. Adding to bullish sentiment is the upward drifting Tenkan-sen, while the Kijun-sen turned flat, suggesting short-term volatility could increase. Traders should monitor the CCI after it completed a breakdown from extreme oversold territory, but it remained above zero, from where bulls could attempt the next push higher. Can bulls regroup and pressure the EUR/NZD into its horizontal resistance 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 breakout above the 1.6665 to 1.6900 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.6780
- Take Profit Zone: 1.7250 – 1.7350
- Stop Loss Level: 1.6540
Should price action for the EUR/NZD breakdown below 1.6665, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.6540
- Take Profit Zone: 1.6215 – 1.6370
- Stop Loss Level: 1.6665
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