Source: PaxForex Premium Analytics Portal, Fundamental Insight
The New Zealand Performance of Services Index for April was reported at 49.8, and the New Zealand Performance of Composite Index at 48.5. Forex traders can compare this to the New Zealand Performance of Services Index for March, reported at 53.8, and the New Zealand Performance of Composite Index at 50.0.
The Japanese PPI for April increased by 0.2% monthly and 5.8% annualized. Forex traders can compare this to the Japanese PPI for March, which rose by 0.1% monthly and 7.4% annualized.
Australian Building Approvals for April decreased by 0.1% monthly, and Private House Approvals dropped by 2.8% monthly. Forex traders can compare this to Australian Building Approvals for March, which rose by 3.9% monthly, and Private House Approvals, which surged by 11.3% monthly.
Japanese Preliminary Machine Tool Orders for April plunged by 14.4% annualized. Forex traders can compare this to Japanese Machine Tool Orders for March, which collapsed by 15.2% annualized.
The German WPI for April decreased by 0.4% monthly and 0.5% annualized. Economists predicted an increase of 0.3% and a contraction of 0.7%. Forex traders can compare this to the German Wholesale Price Index for March, which rose 0.2% monthly and 2.0% annualized.
Swiss Producer & Import Prices for April increased by 0.2% monthly and 1.0% annualized. Economists predicted a decrease of 0.1% and a rise of 1.1%. Forex traders can compare this to Swiss Producer & Import Prices for March, which expanded by 0.2% monthly and 2.1% annualized.
Eurozone Industrial Production for March is predicted to decrease by 2.5% monthly and expand by 0.9% annualized. Forex traders can compare this to Eurozone Industrial Production for February, which rose by 1.5% monthly and 2.0% annualized.
Spanish Consumer Confidence for April is predicted at 78.9. Forex traders can compare this to Spanish Consumer Confidence for March, reported at 67.4.
Canadian Housing Starts for April are predicted at 224.6K. Forex traders can compare this to Canadian Housing Starts for March, reported at 213.9K.
Canadian Wholesale Trade Sales for April are predicted to drop 0.4% monthly. Forex traders can compare this to Canadian Wholesale Trade Sales for March, which plunged 1.7% monthly.
The US Empire Manufacturing Index for May is predicted at -3.70. Forex traders can compare this to the US Empire Manufacturing Index for April, reported at 10.80.
US TIC Net Long-Term Transactions for March are predicted at $85.4B, US TIC Net Long-Term Transactions, including Swaps, at $111.3B, and US Total Net TIC Flows at $59.6B. Forex traders can compare this to US TIC Net Long-Term Transactions for February, reported at $71.0B, US TIC Net Long-Term Transactions, including Swaps, at $72.2B, and US Total Net TIC Flows at $28.0B.
The forecast for the XAU/USD remains bullish after the lower band of its horizontal resistance area rejected price action, but the ascending Ichimoku Kinko Hyo Cloud provides upside pressure. The Kijun-sen flatlined, but the Tenkan-sen resumed its uptrend, suggesting a potential short-term volatility rise. Traders should also monitor the CCI following a double breakdown from extreme overbought territory and below zero. This technical indicator stabilized, and a breakout above zero could trigger more upside. Can bulls overpower bears and force the XAU/USD into its horizontal resistance area and fresh 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 2,000.00 to 2,023.25 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 2,016.25
- Take Profit Zone: 2,077.40 – 2,095.65
- Stop Loss Level: 1,978.35
Should price action for XAU/USD breakdown below 2,000.00, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,978.35
- Take Profit Zone: 1,949.60 – 1,968.70
- Stop Loss Level: 2,000.00
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