Source: PaxForex Premium Analytics Portal, Fundamental Insight
New Zealand Electronic Retail Card Spending for October increased 10.1% monthly and decreased 7.6% annualized. Forex traders can compare this to New Zealand Electronic Retail Card Spending for September, which increased 1.0% monthly and decreased 14.9% annualized.
The German Trade Balance for September is predicted at €13.6B. Forex traders can compare this to German Trade Balance for August, reported at €13.0B. Exports for September are predicted to increase 0.5% monthly and Imports 0.6% monthly. Forex traders can compare this to Exports for August, which decreased 1.2% monthly, and to Imports which increased 3.5% monthly. The French Trade Balance for September is predicted at -€7.10B. Forex traders can compare this to the French Trade Balance for August, reported at -€6.70B.
The German ZEW Survey Current Situation Index for November is predicted at 18.0, and the German ZEW Survey Economic Sentiment Index at 20.0. Forex traders can compare this to the German ZEW Survey Current Situation Index for October, reported at 21.6, and the German ZEW Survey Economic Sentiment Index reported at 22.3.
The forecast for the EUR/NZD turned bullish after price action stabilized at its horizontal support area. Bullish momentum is rising, and the Tenkan-sen shows initial signs of a drift higher. The Kijun-sen turned flat, confirming the lack of short-term selling pressure, but the Ichimoku Kinko Hyo cloud continues its descend. Adding to bullish developments is the CCI after its breakout from extreme oversold territory. It may test the -100 level once again before rising, offering traders another buying opportunity. Will bulls maintain the upper hand and force the EUR/NZD into its next 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 1.6080 to 1.6260 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.6180
- Take Profit Zone: 1.6650 – 1.6725
- Stop Loss Level: 1.5990
Should price action for the EUR/NZD breakdown below 1.6080, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.5990
- Take Profit Zone: 1.5735 – 1.5840
- Stop Loss Level: 1.6080
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