ForexProfitZone - EUR/ZAR Forecast Fundamental Analysis

EUR/ZAR Forecast Fundamental Analysis | Euro / South African Rand

Tuesday March 09, 2021

While the Tenkan-sen moved above its flat Kijun-sen, the CCI is retreating from its peak. A move out of extreme overbought territory can spark a broader sell-off.

The German Trade Balance for January is predicted at €16.4B. Forex traders can compare this to German Trade Balance for December, reported at €16.1B. Exports for January are predicted to decrease by 1.2% monthly and Imports by 0.5% monthly. Forex traders can compare this to Exports for December, which increased by 0.1% monthly, and Imports, which decreased by 0.1% monthly. Italian Industrial Production for January is predicted to increase by 0.7% monthly, and to decrease by 4.2% annualized. Forex traders can compare this to Italian Industrial Production for December, which decreased by 0.2% monthly and by 2.0% annualized.

The final Eurozone Employment for the fourth quarter is predicted to increase by 0.3% quarterly, and to decrease by 2.0% annualized. Forex traders can compare this Eurozone Employment for the third quarter, which increased by 1.0% quarterly and decreased by 2.3% annualized. The advanced Eurozone GDP for the fourth quarter is predicted to decrease by 0.6% quarterly and by 5.0% annualized. Forex traders can compare this to the Eurozone GDP for the third quarter, which increased by 12.4% quarterly and decreased by 4.3% annualized.

The forecast for the EUR/ZAR turned bearish after its recent price spike took into its Ichimoku Kinko Hyo Cloud. Economic data out of the Eurozone continues to show weakness, and debt rises with inflationary pressures. While the Tenkan-sen moved above its flat Kijun-sen, the CCI is retreating from its peak. A move out of extreme overbought territory can spark a broader sell-off.

EUR/ZAR Forecast Fundamental Analysis | Euro / South African Rand