Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Japanese Corporate Service Price Index for June increased by 1.6% annualized. Economists predicted a rise of 1.8% annualized. Forex traders can compare this to the Japanese Corporate Service Price Index for May, which rose 1.6% annualized.
The Final Japanese Leading Index for April came in at 96.8, and the Final Japanese Coincident Index at 97.3. Forex traders can compare this to the Japanese Leading Index for March, reported at 96.8, and the Japanese Coincident Index at 97.2.
Singapore Industrial Production for May plunged by 3.9% monthly and 10.8% annualized. Economists predicted an increase of 1.7% and a contraction of 7.4%. Forex traders can compare this to Singapore Industrial Production for April, which decreased by 1.6% monthly and 6.5% annualized.
The Spanish PPI for May is predicted to decrease by 4.5% annualized. Forex traders can compare this to the Spanish PPI for April, which contracted by 4.5% annualized.
The German IFO Business Climate Index for June is predicted at 90.7, the German IFO Current Assessment Index at 93.5, and the German IFO Expectations Index at 88.0. Forex traders can compare this to the German IFO Business Climate Index for May, reported at 91.7, the German IFO Current Assessment Index at 94.8, and the German IFO Expectations Index at 88.6.
UK CBI Total Distributed Reported Sales for June are predicted at -6. Forex traders can compare this to UK Total Distributed Reported Sales for May, reported at -10.
The US Dallas Fed Manufacturing Index for June is predicted at -26.5. Forex traders can compare this to the US Dallas Fed Manufacturing Index for May, reported at -29.1.
Forex traders will also digest the monthly German Bundesbank report for clues about monetary policy and the health of the Eurozone’s largest economy, which generally dictates the outcome for the entire Eurozone. Other notable Forex events include speeches by Member of the Supervisory Board (ECB representative) Elizabeth McCaul, European Central Bank President Lagarde, Swiss National Bank Chairman Thomas Jordan, and Swiss National Bank Governor Board Member Maechler.
The forecast for the XAG/USD turned cautiously bullish after this precious metal stabilized at its horizontal support area. Volatility should remain elevated after the descending Tenkan-sen has crossed below the flat Kijun-sen. The sideways-trending Ichimoku Kinko Hyo Cloud poses the next resistance level and could attract silver. Traders should also monitor the CCI in extreme oversold territory. A pending breakout above -100 could trigger more upside. Can bulls overpower bears and guide the XAG/USD into its horizontal resistance area? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
Should price action for Silver remain inside the or breakout above the 22.350 to 23.000 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 22.650
- Take Profit Zone: 23.850– 24.350
- Stop Loss Level: 22.000
Should price action for Silver breakdown below 22.350, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 22.000
- Take Profit Zone: 20.850 – 21.450
- Stop Loss Level: 22.350
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