Source: PaxForex Premium Analytics Portal, Fundamental Insight
New Zealand Permanent/Long-Term Migration for April was reported at 1,037. Forex traders can compare this to Permanent/Long-Term Migration for March, reported at 619. External Migration & Visitors for April decreased by 1,755.4% monthly. Forex traders can compare this to External Migration & Visitors for March, which decreased by 97.4% monthly.
Eurozone Industrial Production for April is predicted to increase 0.4% monthly and 37.4% annualized. Forex traders can compare this to Eurozone Industrial Production for March, which increased 0.1% monthly and 10.9% annualized.
The forecast for the EUR/NZD turned bearish after this currency pair moved into its horizontal resistance area that rejected price action on the three previous occasions. While the Tenkan-sen continues to drift higher, the Kijun-sen turned sideways, together with the Ichimoku Kinko Hyo Cloud, suggesting traders should prepare for more volatility and choppy trading. The CCI might attempt to push into extreme overbought territory but is losing momentum. Can bears capitalize on it and force the EUR/NZD into its next 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 1.6910 to 1.7010 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.6940
- Take Profit Zone: 1.6645 – 1.6700
- Stop Loss Level: 1.7070
Should price action for the EUR/NZD breakout above 1.7010, PaxForex recommends the following trade set-up :
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.7070
- Take Profit Zone: 1.7140 – 1.7200
- Stop Loss Level: 1.7010
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
