Source: PaxForex Premium Analytics Portal, Fundamental Insight
Australian Private Sector Credit for March increased 0.3% monthly and 5.1% annualized. Economists predicted an increase of 0.3% monthly and 2.6% annualized. Australian Housing Credit for March increased by 0.4% monthly. Forex traders can compare this to Australian Housing Credit for February, which rose by 0.4% monthly.
Australian Retail Sales for March decreased by 0.4% monthly. Economists predicted an increase of 0.2% monthly. Forex traders can compare this to Australian Retail Sales for February, which rose 0.2% monthly.
The Chinese Non-Manufacturing PMI for April came in at 51.2, and the Chinese Manufacturing PMI at 50.4. Economists predicted a figure of 52.2 and 50.3. Forex traders can compare this to the Chinese Non-Manufacturing PMI for March, reported at 53.0, and the Chinese Manufacturing PMI, at 50.8. The Chinese Composite PMI for April came in at 51.7. Forex traders can compare this to the Chinese Composite PMI for March, reported at 52.7.
The Chinese Caixin Manufacturing PMI for April came in at 51.4. Economists predicted a figure of 51.0. Forex traders can compare this to the Chinese Caixin Manufacturing PMI for March, reported at 51.1.
Singapore Bank Lending for March came in at S$807.8 billion. Forex traders can compare this to Singapore Bank Lending for February, reported at S$801.5 billion.
The Singapore Unemployment Rate for the first quarter came in at 2.1%. Forex traders can compare this to the Singapore Unemployment Rate for the fourth quarter, reported at 2.0%.
Singapore Business Expectations for the first quarter came in at 22.00. Forex traders can compare this to Singapore Business Expectations for the fourth quarter, reported at 10.00.
The forecast for the AUD/SGD turned cautiously bearish after this currency pair broke down below its horizontal resistance area. The Tenkan-sen and the Kijun-sen have flatlined, confirming the lack of short-term upside momentum and a stand-off between bulls and bears. The Ichimoku Kinko Hyo Cloud has narrowed, with the Senkou Span A descending and the Senkou Span B flat. A bearish crossover could follow, adding new longer-term selling pressure. Traders should also monitor the CCI in extreme overbought territory after recording a lower high. This technical indicator is now approaching a breakdown, which could spark the next leg lower with plenty of downside potential. Can bears increase control over the AUD/SGD 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/SGD remain inside the or breakdown below the 0.8870 to 0.8910 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8885
- Take Profit Zone: 0.8750 – 0.8785
- Stop Loss Level: 0.8935
Should price action for the AUD/SGD breakout above 0.8910 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8935
- Take Profit Zone: 0.8990 – 0.9025
- Stop Loss Level: 0.8910
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