Source: PaxForex Premium Analytics Portal, Fundamental Insight
New Zealand Retail Sales for the third quarter decreased by 0.1% quarterly, and New Zealand Core Retail Sales dropped by 0.8% quarterly. Economists predicted a contraction of 0.5% and 0.3%. Forex traders can compare this to New Zealand Retail Sales for the second quarter, which dropped by 1.0% quarterly, and New Zealand Core Retail Sales, which plunged by 1.2% quarterly. New Zealand Retail Sales for the third quarter fell 2.5% annualized. Forex traders can compare this to New Zealand Retail Sales for the second quarter, which decreased by 3.6% annualized.
The New Zealand Trade Balance for October came in at -NZ$1,544M monthly and at -NZ$8,960M annualized. Forex traders can compare this to the New Zealand Trade Balance for September, reported at -NZ$2,154M monthly and -NZ$9,150M annualized. Exports for October came in at NZ$5.77B and Imports at NZ$7.31B. Forex traders can compare this to Exports for September, reported at NZ$4.91B, and Imports, reported at NZ$7.06B.
The Spanish PPI for October dropped by 3.9% annualized. Forex traders can compare this to the Spanish PPI for September, which plunged by 5.2% annualized.
The German IFO Business Climate Index for November is predicted at 86.1, the German IFO Current Assessment Index at 85.4, and the German IFO Expectations Index at 87.0. Forex traders can compare this to the German IFO Business Climate Index for October, reported at 86.5, the German IFO Current Assessment Index at 85.7, and the German IFO Expectations Index at 87.3.
The forecast for the EUR/NZD turned cautiously bullish after this currency pair stabilized at its horizontal support area. The Tenkan-sen and the Kijun-sen have flatlined, suggesting the absence of short-term selling pressure. The Senkou Span A and the Senkou Span B of the Ichimoku Kinko Hyo Cloud are also flat, which could limit the upside potential. Traders should also monitor the CCI after recording a higher low in extreme oversold territory, followed by a breakout. This technical indicator has plenty of upside potential, and a move above zero could trigger the next advance. 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 1.7850 to 1.7920 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.7890
- Take Profit Zone: 1.8150 – 1.8240
- Stop Loss Level: 1.7780
Should price action for the EUR/NZD break down below 1.7850, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @1.7780
- Take Profit Zone: 1.7650 – 1.7700
- Stop Loss Level: 1.7850
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