Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Australian CPI for the third quarter increased 0.2% quarterly and 2.8% annualized. Economists predicted an expansion of 0.3% quarterly and 2.3% annualized. Forex traders can compare this to the Australian CPI for the second quarter, which rose 1.0% quarterly and 3.8% annualized. The RBA Trimmed Mean CPI for the third quarter increased 0.8% quarterly and 3.5% annualized. Economists predicted a rise of 0.8% quarterly and 3.5% annualized. Forex traders can compare this to the RBA Trimmed Mean CPI for the second quarter, which expanded 0.9% quarterly and 3.9% annualized. The RBA Weighted Median CPI for the third quarter rose 0.9% quarterly and 3.8% annualized. Economists predicted an increase of 0.8% quarterly and 3.6% annualized. Forex traders can compare this to the RBA Weighted Median CPI for the second quarter, which expanded by 0.8% quarterly and 4.2% annualized.
Singapore Bank Lending for September came in at S$808.8 billion. Forex traders can compare this to Singapore Bank Lending for August, reported at S$800.0 billion.
Singapore Business Expectations for the third quarter came in at 10.00. Forex traders can compare this to Singapore Business Expectations for the second quarter, reported at 23.00.
The forecast for the AUD/SGD turned cautiously bullish, with this currency pair stabilizing at its horizontal support area following a month-long sell-off. The Tenkan-sen and the Kijun-sen drift lower, suggesting more short-term bearish pressures. The Senkou Span A of the Ichimoku Kinko Hyo Cloud is moving lower with the Senkou Span B flat, and the Ichimoku Kinko Hyo Cloud narrow, confirming medium-term volatility ahead. Traders should also monitor the CCI in extreme oversold territory after recording a lower low before moving higher. A breakout above -100 could trigger the next move higher, and this technical indicator has plenty of upside potential. Can bulls regain control over the AUD/SGD and push price action into 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/SGD remain inside the or breakout above the 0.8660 to 0.8695 zone the following trade setup is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8675
- Take Profit Zone: 0.8790 – 0.8820
- Stop Loss Level: 0.8635
Should price action for the AUD/SGD break down below 0.8660 the following trade setup is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8635
- Take Profit Zone: 0.8550 – 0.8585
- Stop Loss Level: 0.8660
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