Source: PaxForex Premium Analytics Portal, Fundamental Insight
New Zealand Permanent/Long-Term Migration for August came in at 9,980. Forex traders can compare this to Permanent/Long-Term Migration for July, reported at 6,440. External Migration & Visitors for August surged 59.4% monthly. Forex traders can compare this to External Migration & Visitors for July, which sky-rocketed 59.3% monthly. Visitor Arrivals for August decreased by 4.1% monthly. Economists predicted a surge of 60.5%. Forex traders can compare this to Visitor Arrivals for July, which rose 1.8% monthly.
The Final German CPI for September rose 0.3% monthly and 4.5% annualized. Economists predicted an increase of 0.3% and 4.5%. Forex traders can compare this to the German CPI for August, which expanded 0.3% monthly and 6.1% annualized. The Final EU Harmonized German CPI for September increased by 0.2% monthly and 4.3% annualized. Economists predicted a rise of 0.2% and 4.3%. Forex traders can compare this to the EU Harmonized German CPI for August, which rose 0.4% monthly and 6.4% annualized.
Chinese New Yuan Loans for September are predicted at CNY 2,500.0B and Chinese Total Social Financing at CNY 3,800.0B. Forex traders can compare this to Chinese New Yuan Loans for August, reported at CNY 1,360.0B, and Chinese Total Social Financing at CNY 3,120.0B. Chinese M2 Money Supply for September is predicted to increase by 10.7% and Outstanding Loan Growth by 11.1%. Forex traders can compare this to Chinese M2 Money Supply for August, which rose by 10.6%, and Outstanding Loan Growth by 11.1%.
The forecast for the EUR/NZD turned bullish after this currency was able to stabilize at the bottom of its horizontal support area. Volatility could remain high following a bearish crossover between the Tenkan-sen and the Kijun-sen, but the Tenkan-sen has flatlined, suggesting the end of short-term bearishness, while the Kijun-sen maintains its downward move. The Ichimoku Kinko Hyo Cloud completed a bearish crossover, but more time and data are necessary to confirm it or reveal it as a false bearish crossover. Traders should also monitor the CCI in extreme oversold territory, as a positive divergence has formed, which is a bullish sign. A breakout in this technical indicator could trigger a short-term reversal rally, and a push above zero may extend the advance. Can bulls wrestle control from bears, regain complete control over the EUR/NZD, and pressure 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 1.7540 to 1.7660 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.7600
- Take Profit Zone: 1.7895 – 1.7970
- Stop Loss Level: 1.7490
Should price action for the EUR/NZD breakdown below 1.7540, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @1.7490
- Take Profit Zone: 1.7290 – 1.7390
- Stop Loss Level: 1.7540
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