The German IFO Business Climate Index for August is predicted at 100.4. Forex traders can compare this to the German IFO Business Climate Index for July, reported at 100.8. The German IFO Current Assessment Index for August is predicted at 100.8. Forex traders can compare this to the German IFO Current Assessment Index for July, reported at 100.4. The German IFO Expectations Index for August is predicted at 100.0. Forex traders can compare this to the German IFO Expectations Index for July, reported at 101.2.
The forecast for the EUR/NZD remains bearish after this currency pair corrected into its descending Ichimoku Kinko Hyo Cloud. Price action may temporarily pause, and volatility can increase, but the longer-term downtrend remains intact. The Tenkan-sen turned higher with the Kijun-sen flat, confirming short-term choppiness will likely follow. Adding to the bearish technical outlook is the CCI, which corrected from extreme overbought territory and now faces more downside.
Should price action for the EUR/NZD remain inside the or breakdown below the 1.6865 to 1.6940 zone, recommend the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.6905
- Take Profit Zone: 1.6640 – 1.6700
- Stop Loss Level: 1.6985
Should price action for the EUR/NZD breakout above 1.6940, recommend the following trade set-up :
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.6985
- Take Profit Zone: 1.7120 – 1.7200
- Stop Loss Level: 1.6940
GBP/USD | British Pound to US Dollar Trading Analysis
EUR/JPY | Euro to Japanese Yen Trading Analysis
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