Source: PaxForex Premium Analytics Portal, Fundamental Insight
US Initial Jobless Claims for the week of February 6th are predicted at 757K, and US Continuing Claims for the week of January 30th are predicted at 4,490K. Forex traders can compare this to US Initial Jobless Claims for the week of January 30th, which were reported at 779K, and to US Continuing Claims for the week of January 23rd, reported at 4,592K.
South African Mining Production for December is predicted to decrease by 8.0% monthly. Forex traders can compare this to South African Mining Production for November, which decreased by 11.6%. South African Manufacturing Production for December is predicted to decrease by 0.6% monthly. Forex traders can compare this to South African Manufacturing Production for November, which decreased by 1.3%.
The forecast for the USD/ZAR remains bearish after this currency pair moved below its descending Ichimoku Kinko Hyo Cloud. While the Kijun-sen remains in a sideways trend, the Tenkan-sen moved below it and continues to descend, suggesting more downside in price action. The CCI moved into extreme oversold territory and could escape it before entering a new downtrend. Will bears extend the sell-off in the USD/ZAR into its next 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 14.6765 to 14.7565 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 14.7200
- Take Profit Zone: 13.9200 – 14.0370
- Stop Loss Level: 14.8365
Should price action for the USD/ZAR breakout above 14.7200 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 14.8365
- Take Profit Zone: 15.0930 – 15.1430
- Stop Loss Level: 14.7200
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
