Source: PaxForex Premium Analytics Portal, Fundamental Insight

The Australian Employment Change for July was reported at 114.7K. Economists predicted a figure of 40.0K. Forex traders can compare this to the Australian Employment Change for June, reported at 210.8K. The Unemployment Rate for July was reported at 7.5%. Economists predicted a reading of 7.8%. Forex traders can compare this to the Unemployment Rate for June, reported at 7.4%. 43.5K Full-Time Positions and 71.2K Part-Time Positions were created in July. Forex traders can compare this to the loss of 23.7K Full-Time Positions and to the creation of 252.0K Part-Time Positions, reported in June. The Labor Force Participation Rate for July was reported at 64.7%. Economists predicted a reading of 64.4%. Forex traders can compare this to the Labor Force Participation Rate for June, reported at 64.1%.

US Initial Jobless Claims for the week of August 8th are predicted at 1,120K, and US Continuing Claims for the week of August 1st are predicted at 15,898K. Forex traders can compare this to US Initial Jobless Claims for the week of August 1st, which were reported at 1,186K, and to US Continuing Claims for the week of July 15th, which were reported at 16,107K.

The forecast for the AUD/USD remains bullish after this morning’s July employment report. Forex traders now await the latest initial jobless claims data out of the US, which last week dropped to a Covid-19 low, but remains excessively high by historical standards. While the Kijun-sen and Tenkan-sen flattened out, they continue to support more upside, and the Ichimoku Kinko Hyo Cloud is sloping higher. Will bulls push this currency pair into its next 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 0.7135 to 0.7190 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 0.7170
• Take Profit Zone: 0.7345 – 0.7395
• Stop Loss Level: 0.7105

Should price action for the AUD/USD breakdown below 0.7135 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 0.7105
• Take Profit Zone: 0.6975 – 0.7010
• Stop Loss Level: 0.7135

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