Source: PaxForex Premium Analytics Portal, Fundamental Insight
New Zealand Credit Card Spending for September dropped by 3.2% annualized. Forex traders can compare this to New Zealand Credit Card Spending for August, which decreased by 3.1% annualized.
The Chinese 1-Year Loan Prime Rate for October came in at 3.10%, and the Chinese 5-Year Loan Prime Rate was at 3.60%. Economists predicted a figure of 3.15% and 3.65%. Forex traders can compare this to the previous Chinese 1-Year Loan Prime Rate for September, reported at 3.35%, and the Chinese 5-Year Loan Prime Rate reported at 3.85%.
The German PPI for September decreased by 0.5% monthly and 1.4% annualized. Forex traders can compare this to the German PPI for August, which expanded by 0.2% monthly and contracted by 0.8% annualized.
The forecast for the EUR/NZD is cautiously bullish, with this currency pair trading at an intermediate support level. The Tenkan-sen and the Kijun-sen have flatlined following a bullish crossover, trapping price action in between. The Senkou Span A of the Ichimoku Kinko Hyo Cloud is moving higher and closing the gap to the flat Senkou Span B, suggesting rising bullish momentum. Traders should also monitor the CCI following its breakdown from extreme overbought territory. This technical indicator is losing downside momentum and remains above zero. It may challenge the zero level before reversing higher with plenty of upside potential. Can bulls regain control over the EUR/NZD and push this currency pair 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 1.7860 to 1.7945 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.7900
- Take Profit Zone: 1.8150 – 1.8240
- Stop Loss Level: 1.7790
Should price action for the EUR/NZD break down below 1.7860, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @1.7790
- Take Profit Zone: 1.7650 – 1.7700
- Stop Loss Level: 1.7860
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
