Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Final Australian Judo Bank Manufacturing PMI for August came in at 48.5. Economists predicted a figure of 48.7. Forex traders can compare this to the Australian Judo Bank Manufacturing PMI for July, reported at 47.5.
Australian ANZ Job Advertisements for August decreased by 2.1% monthly. Forex traders can compare this to Australian ANZ Job Advertisements for July, which dropped 2.7% monthly.
Australian Building Approvals for July surged by 10.4% monthly and 24.9% annualized. Economists predicted a rise of 2.4% and 9.8%. Forex traders can compare this to Australian Building Approvals for June, which increased by 1.5% monthly and plunged by 6.4% annualized. Australian Private House Approvals for July rose by 0.6% monthly. Forex traders can compare this to Australian Private House Approvals for June, which decreased by 0.5% monthly.
Australian Business Inventories for the second quarter increased by 0.1% quarterly, and Australian Company Gross Operating Profits plunged by 5.3% quarterly. Economists predicted a contraction of 0.5% and a decrease of 0.6%. Forex traders can compare this to Australian Inventories for the first quarter, which increased by 1.5% quarterly, and Australian Company Operating Profits, which contracted by 2.5% quarterly. Company Pre-Tax Profits for the second quarter contracted 1.7% quarterly. Forex traders can compare this to Company Pre-Tax Profits for the first quarter, which plunged 8.4% quarterly.
Australian TD Securities Inflation for August decreased by 0.1% monthly. Forex traders can compare this to Australian TD Securities Inflation for July, which rose 0.4% monthly.
The Chinese Caixin Manufacturing PMI for August came in at 50.4. Economists predicted a figure of 50.0. Forex traders can compare this to the Chinese Caixin Manufacturing PMI for July, reported at 49.8.
Swiss retail sales for July are predicted to decrease by 0.2% annualized. Forex traders can compare this to Swiss retail sales for June, which dropped by 2.2% annualized.
The Swiss Procure.ch Manufacturing PMI for August is predicted at 43.7. Forex traders can compare this to the Swiss Procure.ch Manufacturing PMI for July, reported at 43.5.
The forecast for the AUD/CHF turned cautiously bearish after this currency pair advanced into its horizontal resistance area. The Tenkan-sen is moving lower after a bullish crossover, and the Kijun-sen is drifting lower, adding to downside pressure. The ascending Senkou Span A of the Ichimoku Kinko Hyo Cloud is narrowing the gap to the Senkou Span B, and a false bullish crossover could precede the next leg lower. Traders should also monitor the CCI above zero with a downward trend. A breakdown below zero could trigger the expected sell-off. Can bears regain control over the AUD/CHF and 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 0.5725 to 0.5780 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.5745
- Take Profit Zone: 0.5515 – 0.5575
- Stop Loss Level: 0.5815
Should price action for the AUD/CHF break out above 0.5780, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.5815
- Take Profit Zone: 0.5920 – 0.5950
- Stop Loss Level: 0.5780
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
