Source: PaxForex Premium Analytics Portal, Fundamental Insight
South African M3 Money Supply for September rose by 7.25% annualized. Forex traders can compare this to South African M3 Money Supply for August, which accelerated by 6.11% annualized. Private Sector Credit for September expanded by 4.63% annualized. Forex traders can compare this to Private Sector Credit for August, which rose by 4.95% annualized.
The US Trade Balance for September is predicted at -$95.90B. Forex traders can compare this to the US Trade Balance for August, reported at -$94.22B.
US Preliminary Wholesale Inventories for September are predicted to increase 0.2% monthly. Forex traders can compare this to US Wholesale Inventories for August, which rose by 0.1% monthly.
The US House Price Index for August is predicted to increase by 0.1% monthly. Forex traders can compare this to the US House Price Index for July, which rose by 0.1% monthly.
The US S&P/Case-Shiller Composite 20 for August is predicted to rise by 4.90% annualized. Forex traders can compare this to the US S&P/Case-Shiller Composite 20 for July, which accelerated by 5.90% annualized.
US Consumer Confidence for October is predicted at 99.5. Forex traders can compare this to US Consumer Confidence for September, reported at 98.7.
US JOLTS Job Openings for September are predicted at 7.980M. Forex traders can compare this to US JOLTS Job Openings for August, reported at 8.040M.
The forecast for the USD/ZAR has turned cautiously bearish after this currency pair advanced into its horizontal resistance area. The Tenkan-sen and the Kijun-sen have flatlined, and price action trades below its Tenkan-sen. The Ichimoku Kinko Hyo Cloud is narrowing, suggesting more volatility before the next price spike, with the Senkou Span A moving higher and the Senkou Span B moving lower. Traders should also monitor the CCI after recording a lower high in extreme overbought territory followed by a breakdown. This technical indicator has plenty of downside potential to lead price action lower, and a move below zero could accelerate selling pressure. Can bears regain control over the USD/ZAR and force this currency pair 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 17.6600 to 17.7250 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 17.6750
- Take Profit Zone: 17.0300 – 17.2150
- Stop Loss Level: 17.7950
Should price action for the USD/ZAR break out above 17.7250, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 17.7950
- Take Profit Zone: 17.8575 – 18.0125
- Stop Loss Level: 17.7250
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