Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Bank of Japan raised interest rates by 0.10% to 0.00%. Forex traders can compare this to the previous Bank of Japan interest rate decision, where interest rates were unchanged at -0.10%.
The Reserve Bank of Australia kept interest rates unchanged at 4.35%. Economists predicted no change from 4.35%. Forex traders can compare this to the previous Reserve Bank of Australia's interest rate decision, where it kept interest rates unchanged at 4.35%.
Final Japanese Industrial Production for January plunged 6.7% monthly and 1.5% annualized. Forex traders can compare this to Japanese Industrial Production for December, which increased by 1.2% monthly and decreased by 1.0% annualized. Capacity Utilization for January collapsed by 7.9% monthly. Forex traders can compare this to Capacity Utilization for February, which expanded by 0.2% monthly.
The Swiss Trade Balance for February came in at CHF3.662B. Economists predicted a figure of CHF3.500B. Forex traders can compare this to the Swiss Trade Balance for January, reported at CHF4.701B.
The German ZEW Survey Current Situation Index for March is predicted at -82.0, and the German ZEW Survey Economic Sentiment Index at 20.6. Forex traders can compare this to the German ZEW Survey Current Situation Index for February, reported at -81.7, and the German ZEW Survey Economic Sentiment Index, reported at 19.9. The Eurozone ZEW Survey Economic Sentiment Index for March is predicted at 25.4. Forex traders can compare this to the Eurozone ZEW Survey Economic Sentiment Index for February, reported at 25.0.
US Housing Starts for February are predicted at 1,430K starts and Building Permits at 1,500K permits. Forex traders can compare this to US Housing Starts for January, reported at 1,331K starts, and Building Permits at 1,489K permits.
The Canadian CPI for February is predicted to increase by 0.6% monthly and 3.1% annualized. Forex traders can compare this to the Canadian CPI for January, which was flat at 0.0% monthly and expanded by 2.9% annualized. The Canadian CPI-Median for February is predicted to rise by 3.3% annualized, and the Canadian CPI-Trimmed by 3.4% annualized. Forex traders can compare this to the Canadian CPI-Median for January, which increased by 3.3% annualized, and to the Canadian CPI-Trimmed by 3.4% annualized.
US TIC Net Long-Term Transactions for January are predicted at $95.5B. Forex traders can compare this to US TIC Net Long-Term Transactions for December, reported at $160.2B.
The forecast for gold is cautiously bullish after this precious metal pulled back from fresh all-time highs. Short-term volatility could increase with the Tenkan-sen ascending and the Kijun-flat. The ascending Ichimoku Kinko Hyo Cloud provides long-term upside momentum. Traders should also monitor the CCI following its breakdown from extreme overbought territory. This technical indicator remains above zero and has plenty of upside potential. Can bulls maintain control over gold and push price action into its horizontal resistance area and new all-time highs? 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 2,145.00 to 2,165.00 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 2,155.00
- Take Profit Zone: 2,195.00 – 2,215.00
- Stop Loss Level: 2,130.00
Should price action for XAU/USD breakdown below 2,145.00, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 2,130.00
- Take Profit Zone: 2,060.00 – 2,090.00
- Stop Loss Level: 2,145.00
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