Source: PaxForex Premium Analytics Portal, Fundamental Insight
South African M3 Money Supply for September surged by 7.67% annualized. Forex traders can compare this to South African M3 Money Supply for August, which accelerated by 8.53% annualized. Private Sector Credit for September expanded by 4.60% annualized. Forex traders can compare this to Private Sector Credit for August, which rose by 4.39% annualized.
The Preliminary Spanish CPI for October is predicted to rise by 0.6% monthly and 3.8% annualized. Forex traders can compare this to the Spanish CPI for September, which expanded by 0.2% monthly and 3.5% annualized. The Spanish Harmonized CPI for October is predicted to rise 0.4% monthly and 3.7% annualized. Forex traders can compare this to the Spanish Harmonized CPI for September, which increased by 0.6% monthly and 3.3% annualized.
The Preliminary German GDP for the third quarter is predicted to drop 0.3% quarterly and 0.7% annualized. Forex traders can compare this to the German GDP for the second quarter, which was flat at 0.0% quarterly and decreased by 0.2% annualized.
Eurozone Economic Sentiment for October is predicted at 93.0. Forex traders can compare this to Eurozone Economic Sentiment for September, reported at 93.3. Eurozone Industrial Sentiment for October is predicted at -9.5, and Eurozone Services Sentiment at 3.4. Forex traders can compare this to Eurozone Industrial Sentiment for September, reported at -9.0, and Eurozone Services Sentiment at 4.0. Final Eurozone Consumer Confidence for October is predicted at -17.9. Forex traders can compare this to the previous Eurozone Consumer Confidence for October, reported at -17.8.
The Preliminary German CPI for October is predicted to increase by 0.2% monthly and 4.0% annualized. Forex traders can compare this to the German CPI for September, which rose by 0.3% monthly and 4.5% annualized. The EU Harmonized German CPI for October is predicted to expand by 0.1% monthly and 3.3% annualized. Forex traders can compare this to the EU Harmonized German CPI for September, which accelerated by 0.2% monthly and 4.3% annualized.
The forecast for the EUR/ZAR remains cautiously bullish after this currency pair corrected into its horizontal support area. Following a bearish crossover, the Kijun-sen is flat, but the Tenkan-sen started to drift higher. The Ichimoku Kinko Hyo Cloud shows signs of a sideways trend, confirming the loss of bearish pressures. Traders should also monitor the CCI after its double breakout from extreme oversold territory and above zero, followed by a reversal and higher low. A new breakout by this technical indicator above zero could trigger the next leg higher. Can bulls regain control over the EUR/ZAR and push 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/ZAR remain inside the or breakout above the 19.8215 to 19.9255 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 19.8690
- Take Profit Zone: 20.2060 – 20.2975
- Stop Loss Level: 19.7300
Should price action for the EUR/ZAR breakdown below 19.8215, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 19.7300
- Take Profit Zone: 19.3535 – 19.5035
- Stop Loss Level: 19.8215
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