Source: PaxForex Premium Analytics Portal, Fundamental Insight
US Preliminary Durable Goods Orders for September are predicted to accelerate by 1.7% monthly, and Durables Excluding Transportation to increase by 0.2% monthly. Forex traders can compare this to US Durable Goods Orders for August, which rose by 0.2% monthly, and Durables Excluding Transportation, which increased by 0.4% monthly. Capital Goods Orders Non-Defense Excluding Aircraft for September are predicted to expand by 0.1% monthly. Forex traders can compare this to Capital Goods Orders Non-Defense Excluding Aircraft for August, which rose by 0.9% monthly.
The Advanced US GDP for the third quarter is predicted to expand 4.3% quarterly. Forex traders can compare this to the second quarter GDP, which rose 2.1% quarterly. GDP Sales for the third quarter are predicted to increase by 4.5% quarterly. Forex traders can compare this to GDP sales for the first quarter, which rose 2.1%. The GDP Price Index for the third quarter is predicted to accelerate by 2.5% quarterly and the Core PCE by 2.5%. Forex traders can compare this to the second quarter GDP Price Index, which rose 1.7% quarterly, and the Core PCE by 3.7% quarterly.
US Initial Jobless Claims for the week of October 21st are predicted at 208K, and US Continuing Claims for the week of October 14th at 1,740K. Forex traders can compare this to US Initial Jobless Claims for the week of October 14th, reported at 198K, and US Continuing Claims for the week of October 7th at 1,734K.
The US Advanced Goods Trade Balance for September is predicted at -$85.50B. Forex traders can compare this to the US Advanced Goods Trade Balance for August, reported at -$84.64B.
US Preliminary Wholesale Inventories for September are predicted to rise by 0.1% monthly. Forex traders can compare this to US Wholesale Inventories for August, which dropped 0.1% monthly.
US Pending Home Sales for September are predicted to drop 1.8% monthly. Forex traders can compare this to US Pending Home Sales for August, which plunged 7.1% monthly.
US Natural Gas Inventories for the week ending October 20th are predicted at 80B cubic feet. Traders can compare this to US Natural Gas Inventories for the week ending October 13th, reported at 97B cubic feet.
The South African PPI for September is predicted to increase by 1.1% monthly and 4.7% annualized. Forex traders can compare this to the South African PPI for August, which rose by 1.0% monthly and 4.3% annualized.
The forecast for the USD/ZAR remains bearish after this currency pair advanced into a solid horizontal resistance area. Following a bearish crossover, the Kijun-sen flatlined, but the Tenkan-sen began to drift higher. The Ichimoku Kinko Hyo Cloud narrowed, and a bearish crossover could follow, magnifying downside pressure. Traders should also monitor the CCI after it has moved into extreme overbought territory. A breakdown could spark the expected correction. Can bears overpower 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 19.1545 to 19.3545 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 19.2165
- Take Profit Zone: 18.1200 – 18.3510
- Stop Loss Level: 19.5100
Should price action for the USD/ZAR breakout above 17.3545, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 19.5100
- Take Profit Zone: 19.7970 – 20.0000
- Stop Loss Level: 17.3545
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