Source: PaxForex Premium Analytics Portal, Fundamental Insight
French Consumer Spending for June increased by 0.2% monthly. Economists predicted a drop of 0.6%. Forex traders can compare this to French Consumer Spending for May, which rose 0.4% monthly.
The German Import Price Index for June is predicted to increase 0.8% monthly and 29.8% annualized. Forex traders can compare this to the German Import Price Index for May, which rose 0.9% monthly and 30.6% annualized.
The Preliminary French CPI for July is predicted to expand 0.3% monthly and 6.0% annualized. Forex traders can compare this to the French CPI for June, which increased 0.7% monthly and 5.8% annualized. The French Harmonized CPI for July is predicted to rise 0.3% monthly and 6.7% annualized. Forex traders can compare this to the French Harmonized CPI for June, which increased 0.9% monthly and 6.5% annualized.
The Preliminary Spanish CPI for July is predicted to decrease 0.3% monthly and increase by 10.6% annualized. Forex traders can compare this to the Spanish CPI for June, which surged 1.9% monthly and 10.2% annualized. Spanish Harmonized CPI for July is predicted to drop 0.8% monthly and rise 10.4% annualized. Forex traders can compare this to the Spanish Harmonized CPI for June, which accelerated 1.9% monthly and 10.0% annualized.
The Preliminary Spanish GDP for the second quarter is predicted to increase 0.4% quarterly and 5.5% annualized. Forex traders can compare this to the Spanish GDP for the first quarter, which rose 0.2% quarterly and 6.3% annualized.
The German Unemployment Change for July is predicted at 15.0K, and the German Unemployment Rate at 5.4%. Forex traders can compare this to the German Unemployment Change for June, reported at 133.0K, and the German Unemployment Rate, at 5.3%.
The Preliminary German GDP for the second quarter is predicted to rise 0.1% quarterly and 1.8% annualized. Forex traders can compare this to the German GDP for the first quarter, which rose 0.2% quarterly and 4.0% annualized.
The Preliminary Italian GDP for the second quarter is predicted to increase 0.3% quarterly and 3.7% annualized. Forex traders can compare this to the Italian GDP for the first quarter, which rose 0.1% quarterly and 6.2% annualized.
The Preliminary Italian CPI for July is predicted to expand 0.6% monthly and 8.1% annualized. Forex traders can compare this to the Italian CPI for June, which rose 1.2% monthly and 8.0% annualized. The Preliminary Italian Harmonized CPI for July is predicted to drop 0.9% monthly and expand 8.8% annualized. Forex traders can compare this to the Italian Harmonized CPI for June, which rose 1.2% monthly and 8.5% annualized.
The preliminary Eurozone GDP for the second quarter is predicted to increase 0.2% quarterly and 3.4% annualized. Forex traders can compare this to the Eurozone GDP for the first quarter, which rose 0.6% quarterly and 5.4% annualized.
The Eurozone CPI for July is predicted to increase 8.6% annualized, and the Eurozone Core CPI by 3.8% annualized. Forex traders can compare this to the Eurozone CPI for June, which rose 8.6% annualized, and to the Eurozone Core CPI, which increased 3.7% annualized.
South African Private Sector Credit for June is predicted to increase 5.86% annualized. Forex traders can compare this to South African Private Sector Credit for May, which rose 5.34% monthly.
The South African Trade Balance for June is predicted at $29.80B. Forex traders can compare this to the South African Trade Balance for May, reported at $28.35B.
The forecast for the EUR/ZAR turned bullish after the most recent sell-off took this currency pair close to its ascending Ichimoku Kinko Hyo Cloud. Adding to an increasingly bullish outlook is the flat Kijun-sen, suggesting an absence of short-term bearishness, while the Tenkan-sen also entered a sideways trend. Traders should monitor the CCI after it has reached extreme oversold territory and has lost downward momentum. A breakout above -100 could trigger the next advance. Can bulls gather strength and pressure the EUR/ZAR 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/ZAR remain inside the or breakout above the 16.7075 to 16.9250 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 16.8000
- Take Profit Zone: 17.4250 – 17.5875
- Stop Loss Level: 16.4500
Should price action for the EUR/ZAR breakdown below 16.7075, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 16.45000
- Take Profit Zone: 15.8825 – 16.0250
- Stop Loss Level: 16.7075
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