Source: PaxForex Premium Analytics Portal, Fundamental Insight
The New Zealand Trade Balance for August came in at -NZ$2,203M monthly and at -NZ$9,290M annualized. Forex traders can compare this to the New Zealand Trade Balance for July, reported at NZ$1,016M monthly and -NZ$9,350M annualized. Exports for August came in at NZ$4.97B and Imports at NZ$7.17B. Forex traders can compare this to Exports for July, reported at NZ$6.09B, and Imports, reported at NZ$7.10B.
The Preliminary French HCOB Manufacturing PMI for September is predicted at 44.3, the Preliminary French HCOB Services PMI at 53.0, and the Preliminary French HCOB Composite PMI at 52.1. Forex traders can compare this to the French HCOB Manufacturing PMI for August, reported at 43.9, the French HCOB Services PMI at 55.0, and the French HCOB Composite PMI at 53.1.
The Preliminary German HCOB Manufacturing PMI for September is predicted at 42.4, the Preliminary German HCOB Services PMI at 51.1, and the Preliminary German HCOB Composite PMI at 48.2. Forex traders can compare this to the German HCOB Manufacturing PMI for August, reported at 42.4 the German HCOB Services PMI at 51.2, and the German HCOB Composite PMI at 48.4.
The Preliminary Eurozone HCOB Manufacturing PMI for September is predicted at 45.7, the Preliminary Eurozone HCOB Services PMI at 52.3, and the Preliminary Eurozone HCOB Composite PMI at 50.6. Forex traders can compare this to the Eurozone HCOB Manufacturing PMI for August, reported at 45.8, the Eurozone HCOB Services PMI at 52.9, and the Eurozone HCOB Composite PMI at 51.0.
The forecast for the EUR/NZD turned cautiously bullish with this currency pair trading at intermediate support levels. The upward-drifting Tenkan-sen is approaching a bullish crossover above the descending Kijun-sen, which could trigger a price spike. The descending Senkou Span A of the Ichimoku Kinko Hyo Cloud widens the gap to the flat Senkou Span B with fading downside pressures. Traders should also monitor the CCI on its way to extreme oversold territory, where it could form a higher low. Can bulls regain control over the EUR/NZD and push price action into its horizontal support 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 1.7815 to 1.7915 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.7880
- Take Profit Zone: 1.8150 – 1.8240
- Stop Loss Level: 1.7790
Should price action for the EUR/NZD break down below 1.7815, 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: 1.7815
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