Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Australian Trade Balance for May came in at A$5,773M. Economists predicted a figure of A$6.200M. Forex traders can compare this to the Australian Trade Balance for April, reported at A$6,027M. Exports for May rose by 2.8% monthly, and imports increased by 3.9% monthly. Forex traders can compare this to exports for April, which plunged by 7.0% monthly, and imports, which dropped by 2.2% monthly.
The Hong Kong Manufacturing PMI for June came in at 48.2. Economists predicted a figure of 51.5. Forex traders can compare this to the Hong Kong Manufacturing PMI for May, reported at 49.2.
The Swiss Unemployment Rate for June is predicted at 2.3%, and the Seasonally Adjusted Unemployment Rate at 2.4%. Forex traders can compare this to the Swiss Unemployment Rate for May, reported at 2.3%, and the Seasonally Adjusted Unemployment Rate, reported at 2.4%.
The Swiss CPI for June is predicted to increase by 0.1% monthly and 1.4% annualized. Forex traders can compare this to the Swiss CPI for May, which rose by 0.3% monthly and 1.4% annualized.
The forecast for the AUD/CHF turned bearish after this currency pair advanced into its horizontal resistance area with fading upside momentum. The Tenkan-sen flatlined after a bullish crossover, and the Kijun-sen started to move lower. The Senkou Span A and the Senkou Span B of the Ichimoku Kinko Hyo Cloud trend sideways after narrowing the Ichimoku Kinko Hyo Cloud. Traders should also monitor the CCI in extreme overbought territory after forming a lower high. A breakdown below 100 could trigger a profit-taking sell-off, and this technical indicator has plenty of downside potential. Can bears regain control over the AUD/CHF and force price action into its horizontal support area from where its preceding rally began? 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 0.6035 to 0.6070 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.6050
- Take Profit Zone: 0.5860 – 0.5915
- Stop Loss Level: 0.6100
Should price action for the AUD/CHF break out above 0.6070, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.6100
- Take Profit Zone: 0.6140 – 0.6175
- Stop Loss Level: 0.6070
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