Source: PaxForex Premium Analytics Portal, Fundamental Insight
New Zealand RBNZ Offshore Holdings for February came in at 58.7%. Forex traders can compare this to New Zealand RBNZ Offshore Holdings for March, reported at 57.7%.
Chinese Retail Sales for February increased by 5.5% annualized. Economists predicted a rise of 5.6% annualized. Forex traders can compare this to Chinese Retail Sales for January, which expanded by 7.4% annualized.
Chinese Industrial Production for February increased by 7.0% annualized. Economists predicted an expansion of 5.3% annualized. Forex traders can compare this to Chinese Industrial Production for January, which rose 6.8% annualized.
Chinese Fixed Assets ex Rural for February expanded 4.2% annualized. Economists predicted a rise of 3.2% annualized. Forex traders can compare this to Chinese Fixed Assets ex Rural for January, which increased 3.0% annualized.
The Chinese Surveyed Jobless Rate for February came in at 5.3%. Economists predicted 5.1%. Forex traders can compare this to the Chinese Surveyed Jobless Rate for January, reported at 5.1%.
The Final Eurozone CPI for February is predicted to increase by 0.6% monthly and by 2.6% annualized. Forex traders can compare this to the Eurozone CPI for January, which decreased by 0.4% monthly and rose by 2.8% annualized. The Final Eurozone Core CPI for February is predicted to accelerate by 0.7% monthly and by 3.1% annualized. Forex traders can compare this to the Eurozone Core CPI for January, which contracted by 0.9% monthly and expanded by 3.3% annualized. The Final Eurozone Harmonized Core CPI for February is predicted to rise 0.6% monthly and 3.3% annualized. Forex traders can compare this to the Eurozone Harmonized Core CPI for January, which dropped by 0.6% monthly and increased by 3.6% annualized.
The forecast for the EUR/NZD turned cautiously bearish after this currency pair spiked but lost upside momentum at its horizontal resistance area. Following a bearish crossover, the Ichimoku Kinko Hyo Cloud narrowed, and the Senkou Span A and the Senkou Span B flatlined. Short-term volatility could increase with the Kijun-sen and the Tenkan-sen flat after completing a bullish crossover. Traders should also monitor the CCI in extreme overbought territory, where a negative divergence could form. A breakdown below 100 may trigger the next wave of sell orders, which could take this technical indicator below zero with plenty of downside potential. 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 1.7830 to 1.7900 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.7865
- Take Profit Zone: 1.7570 – 1.7625
- Stop Loss Level: 1.7935
Should price action for the EUR/NZD breakout above 1.7900, PaxForex recommends the following trade set-up :
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @1.7935
- Take Profit Zone: 1.7985 – 1.8050
- Stop Loss Level: 1.7900
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