Australian Retail Sales for March increased by 1.3% monthly. Economists predicted an increase of 1.4% monthly. Forex traders can compare this to Australian Retail Sales for February, which decreased by 0.8% monthly. Australian Retail Sales excluding Inflation for the first quarter decreased by 0.5% quarterly. Economists predicted a decrease of 0.4% quarterly. Forex traders can compare this to Australian Retail Sales excluding Inflation for the fourth quarter, which increased by 2.5% quarterly.
Eurozone Sentix Investor Confidence for May is predicted at 14.0. Forex traders can compare this to Eurozone Sentix Investor Confidence for April, reported at 13.1.
The forecast for the EUR/AUD turned bullish after this currency pair corrected to the bottom of its flattening Ichimoku Kinko Hyo Cloud. It resulted in a higher low, and while the Tenkan-sen extends its drift lower, the Kijun-sen turned sideways. Traders should expect a rise in volatility as bulls and bears face-off at a crucial junction. The CCI moved into extreme oversold territory and may move lower before accelerating to the upside.
Should price action for the EUR/AUD remain inside the or breakout above the 1.5455 to 1.5510 zone, recommend the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.5475
- Take Profit Zone: 1.5715 – 1.5765
- Stop Loss Level: 1.5400
Should price action for the EUR/AUD breakdown below 1.5455, recommend the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.5400
- Take Profit Zone: 1.5270 – 1.5335
- Stop Loss Level: 1.5455
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EUR/JPY | Euro to Japanese Yen Trading Analysis
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EUR/JPY | Euro to Japanese Yen Trading Analysis
