Source: PaxForex Premium Analytics Portal, Fundamental Insight
The New Zealand NBNZ Own Activity for May rose by 11.8%, and ANZ Business Confidence was at 11.2. Economists predicted an increase of 1.7% and a reading of -1.9. Forex traders can compare this to the New Zealand NBNZ Own Activity for April, which rose by 14.3%, and ANZ Business Confidence reported at 14.9.
The German GfK Consumer Confidence Survey for June came in at -20.9. Economists predicted a figure of -22.5. Forex traders can compare this to the German GfK Consumer Confidence Survey for May, reported at -24.0.
French Consumer Confidence for May was reported at 90. Economists predicted a figure of 91. Forex traders can compare this to French Consumer Confidence for April, reported at 90.
Italian Business Confidence for May is predicted at 88.1, and Italian Consumer Confidence is predicted at 96.0. Forex traders can compare this to Italian Business Confidence for April, reported at 87.6, and Italian Consumer Confidence at 95.2.
Eurozone M3 Money Supply for April is predicted to rise by 1.3% annualized. Forex traders can compare this to Eurozone M3 Money Supply for March, which increased by 0.9% annualized. Eurozone Private Sector Loans for April are predicted to rise by 0.4% annualized. Forex traders can compare this to Eurozone Private Sector Loans for March, which increased by 0.2% annualized.
The Preliminary German CPI for May is predicted to increase by 0.2% monthly and 2.4% annualized. Forex traders can compare this to the German CPI for April, which rose by 0.5% monthly and 2.2% annualized. The EU Harmonized German CPI for May is predicted to expand by 0.2% monthly and 2.7% annualized. Forex traders can compare this to the EU Harmonized German CPI for April, which accelerated by 0.6% monthly and 2.4% annualized.
The forecast for the EUR/NZD has turned bullish after this currency pair corrected into its horizontal support area. The Tenkan-sen and the Kijun-sen have flatlined, suggesting more short-term volatility ahead. The Ichimoku Kinko Hyo Cloud adds to volatility, with the descending Senkou Span A completing a bearish crossover below the flat Senkou Span B. Traders should also monitor the CCI following its breakout from extreme oversold territory, preceded by a positive divergence. This technical indicator has plenty of upside potential, and a move above zero could accelerate the reversal. Can bulls regain control of 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 1.7620 to 1.7720 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.7680
- Take Profit Zone: 1.7890 – 1.7960
- Stop Loss Level: 1.7575
Should price action for the EUR/NZD breakdown below 1.7620, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.7575
- Take Profit Zone: 1.7440 – 1.7510
- Stop Loss Level: 1.7620
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