Source: PaxForex Premium Analytics Portal, Fundamental Insight
The New Zealand Unemployment Rate for the first quarter came in at 3.2%. Economists predicted an Unemployment Rate of 3.2%. Forex traders can compare this to the Unemployment Rate for the fourth quarter, reported at 3.3%. The Unemployment Change for the first quarter increased by 0.1%. Economists predicted a rise of 0.1%. Forex traders can compare this to the Unemployment Change for the fourth quarter, which rose 0.1% quarterly. The Participation Rate for the first quarter came in at 70.9%. Economists predicted a Participation Rate of 71.1%. Forex traders can compare this to the Participation Rate for the fourth quarter, reported at 71.1%. The Labor Cost Index for the first quarter increased 0.7% quarterly and 3.1% annualized. Economists predicted a rise of 0.7% and 3.1%. Forex traders can compare this to the Labor Cost Index for the fourth quarter, which expanded 0.7% quarterly and 2.8% annualized.
The New Zealand ANZ Commodity Price Index for April decreased 1.9% monthly. Forex traders can compare this to the New Zealand ANZ Commodity Price Index for March, which increased 3.9% monthly.
The German Trade Balance for March came in at €3.2B. Economists predicted a figure of €9.8B. Forex traders can compare this to German Trade Balance for February, reported at €11.1B. Exports for March decreased 3.2% monthly, and Imports increased 3.4% monthly. Economists predicted a drop of 2.0% and a rise of 1.0%. Forex traders can compare this to Exports for March, which rose 6.2% monthly, and Imports by 4.7% monthly.
The Spanish Markit Services PMI for April is predicted at 55.9. Forex traders can compare this to the Spanish Markit Services PMI for March, reported at 53.4. The Italian Markit Services PMI for April is predicted at 54.5. Forex traders can compare this to the Italian Markit Services PMI for March, reported at 52.1.
The Final French Markit Services PMI for April is predicted at 58.8, and the Final French Markit Composite PMI at 57.5. Forex traders can compare this to the French Markit Services PMI for March, reported at 57.4, and the French Markit Composite PMI at 56.3.
The Final German Markit Services PMI for April is predicted at 57.9, and the Final German Markit/BME Composite PMI at 54.5. Forex traders can compare this to the German Markit Services PMI for March, reported at 56.1, and the German Markit/BME Composite PMI at 55.1.
The Final Eurozone Markit Services PMI for April is predicted at 57.7, and the Final Eurozone Markit Composite PMI at 55.8. Forex traders can compare this to the Eurozone Markit Services PMI for March, reported at 55.6, and the Eurozone Markit Composite PMI at 54.9.
Eurozone Retail Sales for March are predicted to drop 0.1% monthly and rise 1.4% annualized. Forex traders can compare this to Eurozone Retail Sales for February, which increased 0.3% monthly and 5.0% annualized.
The forecast for the EUR/NZD turned bearish after this currency pair advanced into its narrowing Ichimoku Kinko Hyo Cloud. Volatility is likely to increase as bulls and bears wrestle over control, with the Kijun-sen flat and the Tenkan-sen moving higher. Traders should monitor the CCI in extreme overbought territory after forming a lower high. A breakdown is likely to follow, which can trigger a sell-off. Do bears have enough power to force the EUR/NZD 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 1.6240 to 1.6400 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.6345
- Take Profit Zone: 1.5590 – 1.5750
- Stop Loss Level: 1.6500
Should price action for the EUR/NZD breakout above 1.6400, PaxForex recommends the following trade set-up :
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.6500
- Take Profit Zone: 1.6675 – 1.6790
- Stop Loss Level: 1.6400
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