Source: PaxForex Premium Analytics Portal, Fundamental Insight
The New Zealand ANZ Activity Outlook for June rose by 2.7%, and ANZ Business Confidence came in at -18.0. Forex traders can compare this to the New Zealand ANZ Activity Outlook for May, which decreased by -4.5%, and ANZ Business Confidence, reported at -31.1.
The Preliminary Spanish CPI for June is predicted to rise by 0.2% monthly and 1.7% annualized. Forex traders can compare this to the Spanish CPI for May, which was flat at 0.0% monthly and increased by 3.2% annualized. The Spanish Harmonized CPI for June is predicted to rise 0.4% monthly and 1.5% annualized. Forex traders can compare this to the Spanish Harmonized CPI for May, which contracted by 0.1% monthly and expanded by 2.9% annualized.
Eurozone Economic Sentiment for June is predicted at 96.0. Forex traders can compare this to Eurozone Economic Sentiment for May, reported at 96.5. Eurozone Industrial Sentiment for June is predicted at -5.5, and Eurozone Services Sentiment at 5.5. Forex traders can compare this to Eurozone Industrial Sentiment for May, reported at -5.2, and Eurozone Services Sentiment at 7.0. Final Eurozone Consumer Confidence for June is predicted at -16.1. Forex traders can compare this to the previous Eurozone Consumer Confidence for June, reported at -17.4. Eurozone Consumer Inflation Expectations for June are predicted at 11.6, and Eurozone Selling Price Expectations at 0.1. Forex traders can compare this to Eurozone Consumer Inflation Expectations for May, reported at 12.2, and Eurozone Selling Price Expectations at 6.6.
Spanish Business Confidence for June is predicted at -1.6. Forex traders can compare this to Spanish Business Confidence for May, reported at -5.1.
The Preliminary German CPI for June is predicted to increase by 0.2% monthly and 6.3% annualized. Forex traders can compare this to the German CPI for May, which decreased by 0.1% monthly and accelerated by 6.1% annualized. The EU Harmonized German CPI for June is predicted to rise by 0.3% monthly and by 6.7% annualized. Forex traders can compare this to the EU Harmonized German CPI for May, which contracted by 0.2% monthly and accelerated by 6.3% annualized.
The forecast for the EUR/NZD turned bearish in the short term after this currency pair halted its advance at its horizontal resistance area. The Ichimoku Kinko Hyo Cloud flatlined with a bearish bias, while the Tenkan-sen is losing upside momentum, and the Kijun-sen moves higher, suggesting a volatility rise ahead. Traders should also monitor the CCI in extreme overbought territory with a downward drift. A breakdown below 100 could trigger a sell-off in this currency pair. Can bears overpower bulls and force the EUR/NZD into its horizontal support area, which envelopes the Ichimoku Kinko Hyo Cloud? 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 1.7865 to 1.7990 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.7910
- Take Profit Zone: 1.7530 – 1.7615
- Stop Loss Level: 1.8050
Should price action for the EUR/NZD breakout above 1.7990, PaxForex recommends the following trade set-up :
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @1.8050
- Take Profit Zone: 1.8145 – 1.8225
- Stop Loss Level: 1.7990
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