Source: PaxForex Premium Analytics Portal, Fundamental Insight
US Initial Jobless Claims for the week of September 23rd are predicted at 215K, and US Continuing Claims for the week of September 16th at 1,675K. Forex traders can compare this to US Initial Jobless Claims for the week of September 16th, reported at 201K, and US Continuing Claims for the week of September 9th at 1,662K.
The final US GDP for the second quarter is predicted to rise by 2.1% quarterly. Forex traders can compare this to the first quarter GDP, which increased by 2.0% quarterly. Final GDP Sales for the second quarter are predicted to increase by 2.2% quarterly. Forex traders can compare this to first-quarter GDP Sales, which accelerated 4.2% quarterly. The final GDP Price Index for the second quarter is predicted to expand by 2.0% quarterly. Forex traders can compare this to the first quarter GDP Price Index, which rose 4.1% quarterly. The Final PCE for the second quarter is predicted to increase by 2.5% quarterly and the Core PCE by 3.7% quarterly. Forex traders can compare this to the first quarter PCE, which rose 4.1% quarterly, and the Core PCE by 4.9% quarterly. Final GDP Corporate Profits for the second quarter are predicted to increase by 1.6% annualized. Forex traders can compare this to first-quarter GDP Corporate Profits, which dropped 5.9% annualized.
US Real Consumer Spending for the second quarter is predicted to increase 1.7% quarterly. Forex traders can compare this to the first quarter of US Real Consumer Spending, which accelerated 4.2% quarterly.
US Pending Home Sales for August are predicted to drop 0.8% monthly. Forex traders can compare this to US Pending Home Sales for July, which rose 0.9% monthly.
US Natural Gas Inventories for the week ending September 22nd are predicted at 88B cubic feet. Traders can compare this to US Natural Gas Inventories for the week ending September 15th, reported at 64B cubic feet.
The South African PPI for August is predicted to increase by 0.5% monthly and 3.7% annualized. Forex traders can compare this to the South African PPI for July, which rose by 0.2% monthly and 2.7% annualized.
The forecast for the USD/ZAR turned bearish after price action recorded a triple top formation. The flat Kijun-sen and Tenkan-sen confirm the absence of short-term bullishness. Adding to growing downside pressures is the Ichimoku Kinko Hyo Cloud, which flatlined and now faces a period of contraction. Traders should also monitor the CCI in extreme overbought territory. A breakdown below 100 could trigger the pending sell-off. Can bears overpower bulls and force 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 19.0850 to 19.2525 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 19.1685
- Take Profit Zone: 18.1200 – 18.3510
- Stop Loss Level: 19.3300
Should price action for the USD/ZAR breakout above 17.2525, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 19.3300
- Take Profit Zone: 19.5055 – 19.7970
- Stop Loss Level: 17.2525
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