Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Australian Employment Change for July came in at -14.6K and the Unemployment Rate at 3.7%. Economists predicted a figure of 15.0K and 3.6%. Forex traders can compare this to the Australian Employment Change for June, reported at 31.6K, and the Unemployment Rate reported at 3.5%. 24.2K Full-Time Positions were lost, and 9.2K Part-Time Positions were created in July. Forex traders can compare this to the creation of 38.0K Full-Time Positions and the loss of 6.3K Part-Time Positions reported in June. The Labor Force Participation Rate for July came in at 66.7%. Economists predicted a reading of 66.8%. Forex traders can compare this to the Labor Force Participation Rate for June, reported at 66.8%.
Total Australian Reserve Assets for July came in at A$91,407M. Forex traders can compare this to Total Australian Reserve Assets for June, reported at A$90,462M.
US Initial Jobless Claims for the week of August 12th are predicted at 240K, and US Continuing Claims for the week of August 5th at 1,700K. Forex traders can compare this to US Initial Jobless Claims for the week of August 5th, reported at 248K, and US Continuing Claims for the week of July 29th, reported at 1,684K.
The Philadelphia Fed Manufacturing Index for August is predicted at -10.0. Forex traders can compare this to the Philadelphia Fed Manufacturing Index for July, reported at -13.5. The Philadelphia Fed Business Conditions Index for August are predicted at 31.6, the Philadelphia Fed Employment Index at -0.7, the Philadelphia Fed New Orders Index at -13.5, the Philadelphia Fed Prices Paid Index at 10.10, and the Philadelphia Fed CAPEX Index at 9.20. Forex traders can compare this to the Philadelphia Fed Business Conditions Index for July, reported at 29.1, the Philadelphia Fed Employment Index at -1.0, the Philadelphia Fed New Orders Index at -15.9, the Philadelphia Fed Prices Paid Index at 9.50, and the Philadelphia Fed CAPEX Index at 8.60.
The US Leading Index for July is predicted to drop 0.4% monthly. Forex traders can compare this to the US Leading Index for June, which contracted 0.7% monthly.
US Natural Gas Inventories for the week ending August 11th are predicted at 34B cubic feet. Traders can compare this to US Natural Gas Inventories for the week ending August 4th, reported at 29B cubic feet.
The forecast for the AUD/USD turned cautiously bullish after this currency pair collapsed into its horizontal support area following a breakdown below its flat and narrow Ichimoku Kinko Hyo Cloud. Short-term bearishness persists with the Kijun-sen and the Tenkan-sen descending, but traders should monitor the CCI. This technical indicator has formed a positive divergence in extreme oversold territory. A breakout above zero could trigger a reversal rally. Can bulls regain control of the AUD/USD 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/USD remain inside the or breakout above the 0.6345 to 0.6415 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.6380
- Take Profit Zone: 0.6590 – 0.6640
- Stop Loss Level: 0.6290
Should price action for the AUD/USD breakdown below 0.6345, PaxForex the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.6290
- Take Profit Zone: 0.6170 – 0.6210
- Stop Loss Level: 0.6345
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