During yesterday’s trading session EUR/NZD traded within the range of 1.5459-1.5654 and closed at 1.5632.
At 6:27 GMT today EUR/NZD was gaining 1.05% for the day to trade at 1.5672. The pair touched a daily high at 1.5692 at 5:55 GMT, the pairs highest since June 25th.
Fundamental view
The preliminary reading of Germany’s manufacturing PMI probably slowed down to 51.9 in July, from a final reading of 52.0 in the previous month. The official reading is to be released at 7:30 GMT.
At the same time, the preliminary manufacturing (PMI) in the Euro zone probably slowed down to 51.7 this month, from a final reading of 51.8 in the prior month, according to the median forecast by experts.
The index is based on a monthly survey, which includes carefully selected companies that are representative of the state of the private sector in the economy and track the changes in production, new orders, market share, employment and prices in the manufacturing sector. The PMI is the first economic indicator for each month, providing information on the changing economic conditions, significantly earlier than the official state statistics. It is presented as a scale from 1 to 100. Readings above 50 are connected with a positive outlook for economic growth. Conversely, values below 50 indicate a less optimistic forecast. This is a preliminary value of the indicator.
The research group Markit Economics will release the official figures at 8:00 GMT.
In addition, the preliminary reading of Germany’s Services PMI in June probably slowed down to 54.5 this month, from a final reading of 54.6 in June. The official reading is to be released at 7:30 GMT.
The preliminary reading of Euro zone’s Services PMI probably slowed down to 52.6 in July, from a final reading of 52.8 in the preceding month. Markit Economics will report the official value at 8:00 GMT.
In case market expectations are exceeded, this will boost demand for the 18-nation common currency.
Technical view
According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 1.5582. In case EUR/NZD manages to breach the first resistance level at 1.5704, it will probably continue up to test 1.5777. In case the second key resistance is broken, the pair will probably attempt to advance to 1.5899.
If EUR/NZD manages to breach the first key support at 1.5509, it will probably continue to slide and test 1.5387. With this second key support broken, the movement to the downside will probably continue to 1.5314.
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