Source: PaxForex Premium Analytics Portal, Fundamental Insight

The Australian CPI for the first quarter increased 1.0% quarterly and 3.6% annualized. Economists predicted an expansion of 0.8% quarterly and 3.4% annualized. Forex traders can compare this to the Australian CPI for the fourth quarter, which rose 0.6% quarterly and 4.1% annualized. The RBA Trimmed Mean CPI for the first quarter increased 1.0% quarterly and 4.0% annualized. Economists predicted a rise of 0.8% quarterly and 3.8% annualized. Forex traders can compare this to the RBA Trimmed Mean CPI for the fourth quarter, which expanded 0.8% quarterly and 4.2% annualized. The RBA Weighted Median CPI for the first quarter rose 1.1% quarterly and 4.4% annualized. Economists predicted an increase of 0.9% quarterly and 4.1% annualized. Forex traders can compare this to the RBA RBA weighted median CPI for the fourth quarter, which expanded 0.9% quarterly and 4.4% annualized.

US Preliminary Durable Goods Orders for March are predicted to increase by 2.5% monthly, and Durables Excluding Transportation to expand by 0.3% monthly. Forex traders can compare this to US Durable Goods Orders for February, which expanded by 1.3% monthly, and Durables Excluding Transportation, which rose by 0.5% monthly. Capital Goods Orders Non-Defense Excluding Aircraft for March are predicted to expand by 0.2% monthly. Forex traders can compare this to Capital Goods Orders Non-Defense Excluding Aircraft for February, which rose by 0.7% monthly.

US Crude Oil Inventories Change for the week ending April 19th are predicted to rise by 1.600M. Traders can compare this to US Crude Oil Inventories Change for the week ending April 12th, which increased by 2.735M. US Gasoline Inventories Change for the week ending April 19th are predicted to decrease by 1.400M, and US Distillate Stocks Change to drop by 0.900M. Traders can compare this to US Gasoline Inventories Change for the week ending April 12th, which contracted by 1.154M, and US Distillate Stocks Change, which plunged by 2.760M.

The forecast for the AUD/USD turned cautiously bullish after this currency pair bounced off its horizontal support area. Short-term volatility could rise with the Tenkan-sen moving lower and the Kijun-sen flat. The narrow Ichimoku Kinko Hyo Cloud may provide short-term resistance. Traders should also monitor the CCI following a double breakout from extreme oversold territory and above zero. Can bulls maintain control over the AUD/USD to 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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