Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Australian AiG Performance of Manufacturing Index for November came in at 44.7. Forex traders can compare this to the Australian AiG Performance of Manufacturing Index for October, reported at 49.6.
The Final Australian S&P Global Manufacturing PMI for November came in at 51.3. Economists predicted a reading of 51.5. Forex traders can compare this to the Australian S&P Global Manufacturing PMI for October, reported at 52.7.
Australian Private Capital Expenditure for the third quarter decreased by 0.6% quarterly. Economists predicted an increase of 1.5%. Forex traders can compare this to Australian Private Capital Expenditure for the second quarter, which contracted by 0.3% quarterly. Australian Building Capital Expenditure for the third quarter increased by 0.5% quarterly. Forex traders can compare this to Australian Building Capital Expenditure for the second quarter, which dropped 2.5% quarterly. Australian Plant & Machinery Capital Expenditure for the third quarter decreased by 1.6% quarterly. Forex traders can compare this to Australian Plant & Machinery Capital Expenditure for the second quarter, which rose 2.1% quarterly.
Australian Commodity Prices for November surged 19.1% annualized. Forex traders can compare this to Australian Commodity Prices for October, which sky-rocketed 31.6.
The Chinese Caixin Manufacturing PMI for November came in at 49.4. Economists predicted a figure of 48.9. Forex traders can compare this to the Chinese Caixin Manufacturing PMI for October, reported at 49.2.
Swiss Retail Sales for October are predicted to rise 3.5% annualized. Forex traders can compare this to Swiss Retail Sales for September, which increased by 3.2% annualized.
The Swiss CPI for November is predicted to increase by 0.1% monthly and 3.0% annualized. Forex traders can compare this to the Swiss CPI for October, which rose 0.1% monthly and 3.0% annualized.
The Swiss Procure.ch PMI for November is predicted at 54.0. Forex traders can compare this to the Swiss Procure.ch PMI for October, reported at 54.9.
The forecast for the AUD/CHF turned bearish after this currency pair advanced into its descending and narrowing Ichimoku Kinko Hyo Cloud, which progresses toward a bearish crossover. Volatility could rise as the Kijun-sen flatlined, but the ascending Tenkan-sen completed a bullish crossover, vulnerable to a reversal. Traders should monitor the CCI after this technical indicator surged into extreme overbought territory, setting a new multi-weak high. A sustained breakdown below 100 could trigger the next sell-off. Can bears overpower bulls and regain control over the AUD/CHF to force price action into its horizontal support area? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
Should price action for the AUD/CHF remain inside the or breakdown below the 0.6400 to 0.6480 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.6440
- Take Profit Zone: 0.6210 – 0.6270
- Stop Loss Level: 0.6510
Should price action for the AUD/CHF breakout above 0.6480, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.6510
- Take Profit Zone: 0.6585 – 0.6630
- Stop Loss Level: 0.6480
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