Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Australian AiG Construction Index for March came in at -12.9. Forex traders can compare this to the Australian AiG Construction Index for February, reported at -18.4. The AiG Manufacturing Index for March came in at -25.3, and the AiG Industry Index at -7.0. Forex traders can compare this to the AiG Manufacturing Index for February, reported at -23.8, and the AiG Industry Index at -12.6.
The Chinese Caixin Services PMI for March came in at 52.7, and the Chinese Caixin Composite PMI was at 52.7. Forex traders can compare this to the Chinese Caixin Composite PMI for February, reported at 52.5, and the Chinese Caixin Composite PMI at 52.5.
The US ADP Employment Change for March is predicted at 148K. Forex traders can compare this to the US ADP Employment Change for February, reported at 140K.
The Final US S&P Global Composite PMI for March is predicted at 52.2, and the Final US S&P Global Services PMI at 51.7. Forex traders can compare this to the US S&P Global Composite PMI for February, reported at 52.5, and to the US S&P Global Services PMI at 52.3.
The US ISM Non-Manufacturing PMI for March is predicted at 52.8, and the ISM Non-Manufacturing Business Activity Index at 56.7. Forex traders can compare this to the US ISM Non-Manufacturing PMI for February, reported at 52.6, and to the ISM Non-Manufacturing Business Activity Index, reported at 57.2.
US Crude Oil Inventories Change for the week ending March 29th are predicted at -1.511M. Traders can compare this to US Crude Oil Inventories Change for the week ending March 22nd, reported at 3.165M. US Gasoline Inventories Change for the week ending March 29th are predicted at -0.820M and US Distillate Stocks Change at -0.604M. Traders can compare this to US Gasoline Inventories Change for the week ending March 22nd, reported at 1.299M, and US Distillate Stocks Change at -1.185M.
The forecast for the AUD/USD is bullish, with price action at its horizontal support area. Short-term volatility may rise after a bearish crossover caused the Tenkan-sen to move lower but left the Kijun-sen flat. The Ichimoku Kinko Hyo Cloud narrowed, and a bullish crossover may follow. Traders should also monitor the CCI following its breakout from extreme oversold territory with plenty of upside potential. Can bulls regain control over the AUD/USD and drive 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/USD remain inside the or breakout above the 0.6500 to 0.6535 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.6515
- Take Profit Zone: 0.6665 – 0.6695
- Stop Loss Level: 0.6440
Should price action for the AUD/USD breakdown below 0.6500, PaxForex the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.6440
- Take Profit Zone: 0.6360 – 0.6395
- Stop Loss Level: 0.6500
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