Source: PaxForex Premium Analytics Portal, Fundamental Insight
The New Zealand ANZ Commodity Price Index for April rose 0.5% monthly. Forex traders can compare this to the New Zealand ANZ Commodity Price Index for March, which decreased 1.3% monthly.
The Hong Kong Manufacturing PMI for April came in at 50.6. Forex traders can compare this to the Hong Kong Manufacturing PMI for March, reported at 50.9.
The Chinese Caixin Services PMI for April came in at 52.5, and the Chinese Caixin Composite PMI at 52.8. Forex traders can compare this to the Chinese Caixin Composite PMI for March, reported at 52.7, and the Chinese Caixin Composite PMI at 52.7.
The Spanish Unemployment Change for April is predicted at -74.5K. Forex traders can compare this to the Spanish Unemployment Change for March, reported at -33.4K.
The Spanish HCOB Services PMI for April is predicted at 56.0. Forex traders can compare this to the Spanish HCOB Services PMI for March, reported at 56.1.
The Italian HCOB Services PMI for April is predicted at 54.7. Forex traders can compare this to the Italian HCOB Services PMI for February, reported at 54.6.
The Final French HCOB Services PMI for April is predicted at 50.5, and the Final French HCOB Composite PMI at 49.9. Forex traders can compare this to the French HCOB Services PMI for March, reported at 48.3, and the French HCOB Composite PMI at 48.3.
The Final German HCOB Services PMI for April is predicted at 53.3, and the Final German HCOB/BME Composite PMI at 50.5. Forex traders can compare this to the German HCOB Services PMI for March, reported at 50.1, and the German HCOB/BME Composite PMI, reported at 47.7.
The Final Eurozone HCOB Services PMI for April is predicted at 52.9, and the Final Eurozone HCOB Composite PMI at 51.4. Forex traders can compare this to the Eurozone HCOB Services PMI for March, reported at 51.5, and the Eurozone HCOB Composite PMI, reported at 50.3.
Eurozone Sentix Investor Confidence for May is predicted at -4.8. Forex traders can compare this to Eurozone Sentix Investor Confidence for April, reported at -5.9.
The forecast for the EUR/NZD turned moderately bullish after this currency pair corrected into its horizontal support area. Short-term volatility may rise after the Kijun-sen and the Tenkan-sen have turned sideways. The Senkou Span A and the Senkou Span B of the Ichimoku Kinko Hyo Cloud have also flatlined. Traders should monitor the CCI in extreme oversold territory. A breakout above -100 could trigger the next leg higher. Can bulls regain control over the EUR/NZD and push price action into its horizontal resistance 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 breakout above the 1.7900 to 1.7950 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.7920
- Take Profit Zone: 1.8155 – 1.8250
- Stop Loss Level: 1.7840
Should price action for the EUR/NZD breakdown below 1.7900, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @1.7840
- Take Profit Zone: 1.7710 – 1.7770
- Stop Loss Level: 1.7900
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