Source: PaxForex Premium Analytics Portal, Fundamental Insight
South African M3 Money Supply for June increased 0.12% annualized. Economists predicted an increase of 1.70%. Forex traders can compare this to South African M3 Money Supply for May, which increased 1.82% annualized. Private Sector Credit for June decreased 0.54% monthly. Economists predicted an increase of 0.40%. Forex traders can compare this to Private Sector Credit for May, which decreased 0.42% monthly. The South African PPI for June is predicted to increase 0.4% monthly and 7.3% annualized. Forex traders can compare this to the South African PPI for May, which increased 0.4% monthly and 7.4% annualized.
US Initial Jobless Claims for the week of July 24th are predicted at 380K, and US Continuing Claims for the week of July 17th are predicted at 3,196K. Forex traders can compare this to US Initial Jobless Claims for the week of July 17th, reported at 419K, and to US Continuing Claims for the week of July 10th, reported at 3,236K.
The Advanced US GDP for the second quarter is predicted to increase 8.5% annualized. Forex traders can compare this to the first-quarter GDP, which increased 6.4% annualized. The GDP Price Index for the second quarter is predicted to increase 5.4% annualized. Forex traders can compare this to the first-quarter GDP Price Index, which increased 4.3% annualized. The Core PCE for the second quarter is predicted to increase by 5.9% annualized. Forex traders can compare this to the first-quarter Core PCE, which increased 2.5% annualized. US Pending Home Sales for June are predicted to increase 0.3% monthly. Forex traders can compare this to US Pending Home Sales for May, which increased 8.0% monthly.
The forecast for the USD/ZAR turned bearish after this currency pair lost upside momentum. Traders should expect a rise in volatility as bulls and bears wrestle for control. The Kijun-sen turned flat, while the Tenkan-sen tries to hold on to its minor drift higher. Adding to a slow rise in bearish pressures is the Ichimoku Kinko Hyo Cloud, which shows an uptrend with signs of weakness. The CCI already moved out of extreme overbought territory and has more downside potential. Can bears gather enough strength to force a broader sell-off in 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 14.5725 to 14.7685 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 14.7050
- Take Profit Zone: 13.8490 – 14.0100
- Stop Loss Level: 14.9900
Should price action for the USD/ZAR breakout above 14.7685, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 14.9900
- Take Profit Zone: 15.4320 – 15.5650
- Stop Loss Level: 13.7685
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
