Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Preliminary Australian Manufacturing PMI for June was reported at 58.4. Forex traders can compare this to the Australian Manufacturing PMI for May, reported at 60.4. The Preliminary Australian Services PMI for June was reported at 56.0. Forex traders can compare this to the Australian Services PMI for May, reported at 58.0. The Preliminary Australian Composite PMI for June was reported at 56.1. Forex traders can compare this to the Australian Composite PMI for May, reported at 58.0.
Canadian Retail Sales for April are predicted to decrease 5.0% monthly, and Canadian Core Retail are predicted to decrease 5.0% monthly. Forex traders can compare this to Canadian Retail Sales for March, which increased 3.6% monthly, and to Canadian Core Retail Sales, which increased 4.3% monthly.
The forecast for the AUD/CAD turned bullish after this currency pair corrected into confirmed support. Decreasing the selling pressure is stabilization in the Kijun-sen and the Tenkan-sen, which entered a sideways trend. The Ichimoku Kinko Hyo Cloud also ended its descend, suggesting potentially choppy trading until the next bullish catalyst emerges. After the CCI entered extreme oversold territory, it may resume its downtrend before reversing. Traders should remain patient before buying the dip in this currency pair. Can bulls force the AUD/CAD into a reversal until it reaches its horizontal resistance area? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
Should price action for the AUD/CAD remain inside the or breakout above the 0.9260 to 0.9330 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.9295
- Take Profit Zone: 0.9500 – 0.9530
- Stop Loss Level: 0.9230
Should price action for the AUD/CAD breakdown below 0.9260, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.9230
- Take Profit Zone: 0.9125 – 0.9160
- Stop Loss Level: 0.9260
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
