Source: PaxForex Premium Analytics Portal, Fundamental Insight
New Zealand Building Permits for March surged 7.0% monthly. Economists predicted a decrease of 0.3%. Forex traders can compare this to New Zealand Building Permits for February, which plunged 9.4% monthly.
The New Zealand ANZ Commodity Price Index for March dropped 1.7% monthly. Economists predicted an increase of 1.2%. Forex traders can compare this to the New Zealand ANZ Commodity Price Index for February, which rose 1.3% monthly.
The German Trade Balance for March is predicted at €16.1B. Forex traders can compare this to German Trade Balance for February, reported at €16.0B. Exports for March are predicted to decrease by 2.4% monthly, and Imports by 1.7% monthly. Forex traders can compare this to Exports for February, which increased by 4.0% monthly, and Imports by 4.6% monthly.
The Spanish Unemployment Change for April is predicted at -23.1K. Forex traders can compare this to the Spanish Unemployment Change for March, reported at -48.8K.
The Spanish S&P Global Services PMI for April is predicted at 59.9. Forex traders can compare this to the Spanish S&P Global Services PMI for March, reported at 59.4.
The Italian S&P Global Services PMI for April is predicted at 56.5. Forex traders can compare this to the Italian S&P Global Services PMI for March, reported at 55.7.
The Final French S&P Global Services PMI for April is predicted at 56.3, and the Final French S&P Global Composite PMI at 53.8. Forex traders can compare this to the French S&P Global Services PMI for March, reported at 53.9, and the French S&P Global Composite PMI reported at 52.7.
The Final German S&P Global Services PMI for April is predicted at 55.7, and the Final German S&P Global/BME Composite PMI at 53.9. Forex traders can compare this to the German S&P Global Services PMI for March, reported at 53.7, and the German S&P Global/BME Composite PMI at 52.6.
The Final Eurozone S&P Global Services PMI for April is predicted at 56.6, and the Final Eurozone S&P Global Composite PMI at 54.4. Forex traders can compare this to the Eurozone S&P Global Services PMI for March, reported at 55.0, and the Eurozone S&P Global Composite PMI at 53.7.
The Eurozone PPI for March is predicted to decrease by 1.7% monthly and rise by 5.9% annualized. Forex traders can compare this to the Eurozone PPI for February, which contracted by 0.5% monthly and sky-rocketed by 13.2% annualized.
The ECB is predicted to increase its Interest Rate by 25 basis points from 3.50% to 3.75% and its Deposit Facility Rate from 3.00% to 3.25%. It would follow a 50 basis point hike announced during its previous meeting and mark the seventh consecutive hike. Traders should wait for the press conference thirty minutes after the announcement for an assessment of future monetary policy.
The forecast for the EUR/NZD remains bullish after this currency pair retreated from its recent peak, but the ascending Ichimoku Kinko Hyo Cloud maintains upside pressures. Volatility could increase with price action trapped between its flat Kijun-sen and Tenkan-sen, suggesting bulls and bears will square off for directional control. Traders should also monitor the CCI following its double breakdown from extreme overbought territory and below zero. This technical indicator began to reverse its slide, and a breakout above zero could give bulls the upper hand. Will bulls overpower bears and pressure the EUR/NZD into its horizontal resistance area and a fresh 2023 high? 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 1.7665 to 1.7765 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: long Position @ 1.7730
- Take Profit Zone: 1.7970 – 1.8080
- Stop Loss Level: 1.7620
Should price action for the EUR/NZD breakdown below 1.7665, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @1.7620
- Take Profit Zone: 1.7490 – 1.7545
- Stop Loss Level: 1.7665
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