Source: PaxForex Premium Analytics Portal, Fundamental Insight
The New Zealand Trade Balance for June came in at NZ$9M monthly and at -NZ$15,980M annualized. Forex traders can compare this to the New Zealand Trade Balance for May, reported at NZ$52M monthly and -NZ$17,120M annualized. Exports for June came in at NZ$6.31B and Imports at NZ$6.30B. Forex traders can compare this to Exports for May, reported at NZ$6.97B, and Imports at NZ$6.91B.
New Zealand Credit Card Spending for June rose 5.0% annualized. Economists predicted a rise of 9.9%. Forex traders can compare this to New Zealand Credit Card Spending for May, which increased 3.4% annualized.
The Spanish PPI for June is predicted to plunge by 10.2% annualized. Forex traders can compare this to the Spanish PPI for May, which contracted by 6.9% annualized.
The Preliminary French S&P Global Manufacturing PMI for July is predicted at 46.0, the Preliminary French S&P Global Services PMI at 48.4, and the Preliminary French S&P Global Composite PMI at 47.8. Forex traders can compare this to the French S&P Global Manufacturing PMI for June, reported at 46.0, the French S&P Global Services PMI at 48.0, and the French S&P Global Composite PMI at 47.2.
The Preliminary German S&P Global Manufacturing PMI for July is predicted at 41.0, the Preliminary German S&P Global Services PMI at 53.1, and the Preliminary German S&P Global Composite PMI at 50.3. Forex traders can compare this to the German S&P Global Manufacturing PMI for June, reported at 40.6, the German S&P Global Services PMI at 54.1, and the German S&P Global Composite PMI at 50.6.
The Preliminary Eurozone S&P Global Manufacturing PMI for July is predicted at 43.5, the Preliminary Eurozone S&P Global Services PMI at 51.5, and the Preliminary Eurozone S&P Global Composite PMI at 49.7. Forex traders can compare this to the Eurozone S&P Global Manufacturing PMI for June, reported at 43.4, the Eurozone S&P Global Services PMI at 52.0, and the Eurozone S&P Global Composite PMI at 49.9.
The forecast for the EUR/NZD turned bearish after this currency pair accelerated into its horizontal resistance area, and the latest candlestick formed an inverted hammer. The descending Ichimoku Kinko Hyo Cloud adds downside momentum, but the ascending Kijun-sen and Tenkan-sen suggest volatility ahead. Traders should also monitor the CCI in extreme overbought territory. After setting a lower high, this technical indicator began to drift lower, and a breakdown below 100 could spark a sell-off. Can bears regain control over the EUR/NZD and pressure 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 1.7970 to 1.8065 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.8000
- Take Profit Zone: 1.7530 – 1.7615
- Stop Loss Level: 1.8100
Should price action for the EUR/NZD breakout above 1.8065, PaxForex recommends the following trade set-up :
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @1.8100
- Take Profit Zone: 1.8145 – 1.8225
- Stop Loss Level: 1.8065
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