Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Preliminary Spanish CPI for March is predicted to increase 1.3% monthly and 8.0% annualized. Forex traders can compare this to the Spanish CPI for February, which rose 0.8% monthly and 7.6% annualized. Spanish Harmonized CPI for March is predicted to rise 2.8% monthly and 8.1% annualized. Forex traders can compare this to the Spanish Harmonized CPI for February, which expanded 0.8% monthly and 7.6% annualized.
Italian Business Confidence for March is predicted at 111.5, and Italian Consumer Confidence at 110.5. Forex traders can compare this to Italian Business Confidence for February, reported at 113.4, and Italian Consumer Confidence at 112.4.
Eurozone Economic Sentiment for March is predicted at 109.0. Forex traders can compare this to Eurozone Economic Sentiment for February, reported at 114.0. Eurozone Industrial Sentiment for March is predicted at 9.0, and Eurozone Services Sentiment at 10.0. Forex traders can compare this to Eurozone Industrial Sentiment for February, reported at 14.0, and the Eurozone Services Sentiment at 13.0. Final Eurozone Consumer Confidence for March is predicted at -18.7. Forex traders can compare this to the previous Eurozone Consumer Confidence for March, reported at -18.7.
The Preliminary German CPI for March is predicted to increase 1.6% monthly and 6.3% annualized. Forex traders can compare this to the German CPI for February, which rose 0.9% monthly and 5.1% annualized. The EU Harmonized German CPI for March is predicted to increase 1.8% monthly and 6.7% annualized. Forex traders can compare this to EU Harmonized German CPI for February, which rose 0.9% monthly and 5.5% annualized.
South African M3 Money Supply for February is predicted to expand 5.85% annualized, and Private Sector Credit by 3.27% annualized. Forex traders can compare this to South African M3 Money Supply for January, which rose 5.65% annualized, and Private Sector Credit for September, which increased 3.12% monthly.
The forecast for the EUR/ZAR is turning bullish after price action stabilized at its horizontal support area. Confirming the lack of bearish pressures are the flat Tenkan-sen and Kijun-sen, but the Ichimoku Kinko Hyo Cloud maintains its downtrend. Traders should monitor the CCI, which formed a positive divergence inside extreme oversold territory and completed a breakout above -100. A temporary dip to retest the breakout may follow before this technical indicator can accelerate higher, offering a final bullish signal. Can bulls 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 16.0550 to 16.2085 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 16.1180
- Take Profit Zone: 16.9795 – 17.1715
- Stop Loss Level: 15.9250
Should price action for the EUR/ZAR breakdown below 16.0550, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 15.9250
- Take Profit Zone: 15.5775 – 15.6970
- Stop Loss Level: 16.0550
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