Source: PaxForex Premium Analytics Portal, Fundamental Insight
US Initial Jobless Claims for the week of December 4th are predicted at 215K, and US Continuing Claims for the week of November 27th are predicted at 1,900K. Forex traders can compare this to US Initial Jobless Claims for the week of November 27th, reported at 222K, and US Continuing Claims for the week of November 20th, reported at 1,956K.
US Wholesale Inventories for October are predicted to increase 2.2% monthly, and Wholesale Trade Sales by 1.0% monthly. Forex traders can compare this to US Wholesale Inventories for September, which increased 2.2% monthly, and US Wholesale Trade Sales, which increased 1.1% monthly.
South African Manufacturing Production for October is predicted to increase 0.3% monthly and decrease 1.4% annualized. Forex traders can compare this to South African Manufacturing Production for September, which increased 3.8% monthly and 1.3% annualized.
The forecast for the USD/ZAR remains bearish after its breakdown that ended the preceding advance. Traders should prepare for more short-term volatility, as the Ichimoku Kinko Hyo Cloud shows early signs of a sideways trend after the Senkou Span B flatlined. The Kijun-sen flatlined with the Tenkan-sen decelerating. A bearish crossover is likely to force more selling in this currency pair. After the CCI reached extreme oversold territory, a false breakout is expected to briefly take it above -100 before extending its move lower with plenty of downside potential ahead. Will bears wrestle control from bulls and pressure the USD/ZAR 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 USD/ZAR remain inside the or breakdown below the 15.6070 to 15.9500 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 15.7000
- Take Profit Zone: 14.7220 – 14.9160
- Stop Loss Level: 16.1390
Should price action for the USD/ZAR breakout above 15.9500, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 16.1390
- Take Profit Zone: 16.3585 – 16.3315
- Stop Loss Level: 15.9000
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
