Source: PaxForex Premium Analytics Portal, Fundamental Insight
The South African Standard Bank PMI for October was reported at 48.6. Forex traders can compare this to the South African Standard Bank PMI for September, reported at 50.7.
US Initial Jobless Claims for the week of October 30th are predicted at 275K, and US Continuing Claims for the week of October 23rd are predicted at 2118K. Forex traders can compare this to US Initial Jobless Claims for the week of October 23rd, reported at 281K, and US Continuing Claims for the week of October 16th, reported at 2,243K.
Preliminary US Non-Farm Productivity for the third quarter is predicted to decrease 3.0% quarterly, and Unit Labor Costs are predicted to increase 7.0% quarterly. Forex traders can compare this to US Non-Farm Productivity for the second quarter, which increased 2.1% quarterly, and to Unit Labor Costs, which increased 1.3% quarterly.
The US Trade Balance for September is predicted at -$80.5B. Forex traders can compare this to the US Trade Balance for August, reported at -$73.3B.
The forecast for the USD/ZAR turned bearish after price action was unable to extend its advance. Short-term upside momentum faded with the Kijun-sen flat, while the Tenkan-sen continued to advance. Adding to bearish pressures is the Ichimoku Kinko Hyo Cloud. The Senkou Span A extends its downtrend with a pending bearish crossover below the flat Senkou Span B. The CCI moved out of extreme overbought territory and crossed below 100 with plenty of downside potential ahead. 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 15.2100 to 15.3375 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 15.2850
- Take Profit Zone: 14.5875 – 14.7220
- Stop Loss Level: 15.4100
Should price action for the USD/ZAR breakout above 15.3375, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 15.4100
- Take Profit Zone: 15.8180 – 16.0890
- Stop Loss Level: 15.3375
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
