Source: PaxForex Premium Analytics Portal, Fundamental Insight
Australian Consumer Inflation Expectations for April increased 5.2% annualized. Forex traders can compare this to Australian Consumer Inflation Expectations for March, which rose 4.9% annualized.
The Australian Employment Change for March came in at 19.9K and the Unemployment Rate at 4.0%. Economists predicted a figure of 40.0K and 3.9%. Forex traders can compare this to the Australian Employment Change for February, reported at 77.4K, and the Unemployment Rate at 4.0%. 20.5K Full-Time Positions were created, and 2.7K Part-Time Positions were lost in March. Forex traders can compare this to the creation of 121.9K Full-Time Positions and the loss of 44.5K Part-Time Positions reported in February. The Labor Force Participation Rate for March came in at 66.4%. Economists predicted a reading of 66.5%. Forex traders can compare this to the Labor Force Participation Rate for February, reported at 66.4%.
US Initial Jobless Claims for the week of April 9th are predicted at 171K, and US Continuing Claims for the week of April 2nd at 1,500K. Forex traders can compare it to US Initial Jobless Claims for the week of April 2nd, reported at 166K, and to US Continuing Claims for the week of March 26th at 1,523K.
The US Import Price Index for March is predicted to increase by 2.3% monthly, and the US Export Price Index by 2.2% monthly. Forex traders can compare this to the US Import Price Index for February, which rose by 1.4% monthly, and the US Export Price Index by 3.0% monthly.
US Retail Sales for March are predicted to rise by 0.6% monthly, and Core Retail Sales are by 1.0% monthly. Forex traders can compare this to US Retail Sales for February, which increased by 0.3% monthly, and Core Retail Sales by 0.2% monthly. Retail Sales in the Control Group for March are predicted to expand by 0.2% monthly. Forex traders can compare this to Retail Sales in the Control Group for February, which dropped 1.2% monthly. US Business Inventories for February are predicted to increase 1.3% monthly. Forex traders can compare this to US Business Inventories for March, which rose 1.1% monthly.
Preliminary US Michigan Consumer Sentiment for April is predicted at 59.0. Forex traders can compare this to US Michigan Consumer Confidence for March, reported at 59.4. Preliminary Current Conditions for April are expected at 68.0, and Preliminary Expectations at 54.2. Forex traders can compare this to Current Conditions for March, reported at 67.2, and Expectations at 54.3.
The forecast for the AUD/USD remains bullish after price action stabilized at support following its rejection. Confirming the absence of bearish pressures are the flat Kijun-sen and Tenkan-sen. Adding to longer-term bullishness is the ascending Ichimoku Kinko Hyo Cloud. After the CCO recorded a higher low in extreme oversold territory, the breakout above -100 added upside momentum. Traders should monitor this technical indicator for a push above zero, increasing buying power. Can bulls pressure the AUD/USD into its horizontal resistance area for a second time? 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 0.7415 to 0.7490 zone, PaxForex recommends the following trade set-up:
Should price action for the AUD/USD breakdown below 0.7415, PaxForex the following trade set-up:
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