Source: PaxForex Premium Analytics Portal, Fundamental Insight
The New Zealand Performance of Services Index for March was reported at 54.4. Forex traders can compare this to the New Zealand Performance of Services Index for February, reported at 55.8.
New Zealand Food Prices for March increased by 0.8% monthly. Economists predicted a rise of 0.4%. Forex traders can compare this to New Zealand Food Prices for February, which surged 1.5% monthly.
The Singapore Trade Balance for March came in at $6.166B. Economists predicted a reading of $5.881B. Forex traders can compare this to the Singapore Balance for February, reported at $6.687B. Non-Oil Exports for March surged by 18.4% monthly and dropped by 8.3% annualized. Economists predicted a rise of 1.7% and a contraction of 20.8%. Forex traders can compare this to Non-Oil Exports for February, which dropped by 8.2% monthly and 15.8% annualized.
The Final Italian CPI for March is predicted to decrease by 0.3% monthly and surge by 7.7% annualized. Forex traders can compare this to the Italian CPI for February, which increased by 0.2% monthly and 9.1% annualized. The Final Italian Harmonized CPI for March is predicted to surge by 0.8% monthly and 8.2% annualized. Forex traders can compare this to the Italian Harmonized CPI for February, which rose by 0.1% monthly and surged 9.8% annualized.
The US Empire Manufacturing Index for April is predicted at -18.00. Forex traders can compare this to the US Empire Manufacturing Index for March, reported at -24.60.
Canadian Wholesale Trade Sales for February are predicted to contract by 1.6% monthly. Forex traders can compare this to Canadian Wholesale Trade Sales for January, which rose 2.4% monthly.
Canadian International Securities Transactions for February are predicted at C$6.28B. Forex traders can compare this to Canadian International Securities Transactions for January, which were reported at C$4.21B.
The US NAHB Housing Market Index for April is predicted at 44. Forex traders can compare this to the US NAHB Housing Market Index for March, reported at 44.
The forecast for gold remains cautiously bullish, but short-term volatility could increase as bulls defend the psychological 2,000 support level. Adding to the upside pressures are the ascending Ichimoku Kinko Hyo Cloud, the Kijun-sen, and the Tenkan-sen. Traders should monitor the CCI following a negative divergence in extreme overbought territory, followed by a breakdown. This technical indicator is losing downward momentum, and a bounce off the zero barrier could result in a renewed push higher. Can bulls extend their current run and push gold into its horizontal resistance area and a fresh all-time high? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
Should price action for XAU/USD remain inside the or breakout above the 1,995.30 to 2,020.70 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 2,010.00
- Take Profit Zone: 2,074.90 – 2,095.65
- Stop Loss Level: 1,981.65
Should price action for XAU/USD breakdown below 1,995.30, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,981.65
- Take Profit Zone: 1,949.60 – 1,968.70
- Stop Loss Level: 1,995.35
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