Source: PaxForex Premium Analytics Portal, Fundamental Insight
Australian Private Capital Expenditure for the second quarter dropped 2.2% quarterly. Economists predicted a rise of 0.9%. Forex traders can compare this to Australian Private Capital Expenditure for the first quarter, which accelerated 1.9% quarterly. Australian Building Capital Expenditure for the second quarter plunged by 3.8% quarterly, and Australian Plant & Machinery Capital Expenditure decreased by 0.5% quarterly. Forex traders can compare this to Australian Building Capital Expenditure for the first quarter, which contracted 0.9% quarterly, and Australian Plant & Machinery Capital Expenditure, which rose 3.7% quarterly.
US Initial Jobless Claims for the week of August 24th are predicted at 232K, and US Continuing Claims for the week of August 17th at 1,870K. Forex traders can compare this to US Initial Jobless Claims for the week of August 17th, reported at 232K, and US Continuing Claims for the week of August 10th, reported at 1,863K.
The Preliminary US GDP for the second quarter is predicted to increase 2.8% quarterly. Forex traders can compare this to the first quarter GDP, which rose 1.4% quarterly. Preliminary GDP Sales for the second quarter are predicted to rise 2.0% quarterly. Forex traders can compare this to first-quarter GDP Sales, which increased by 1.8% quarterly. Preliminary Real Consumer Spending for the second quarter is predicted to increase 2.3% quarterly. Forex traders can compare this to first-quarter Real Consumer Spending, which rose 1.5% quarterly. The Preliminary GDP Price Index for the second quarter is predicted to increase 2.3% quarterly. Forex traders can compare this to the second quarter GDP Price Index, which increased 3.1% quarterly. The Preliminary PCE Index for the second quarter is predicted to rise by 2.6% quarterly, and the Core PCE by 2.9% quarterly. Forex traders can compare this to the first quarter PCE Index, which increased by 3.4% quarterly, and the Core PCE, which rose 3.7% quarterly.
The US Trade Balance for July is predicted at -$97.70B. Forex traders can compare this to the US Trade Balance for June, reported at -$96.56B.
US Preliminary Wholesale Inventories for July are predicted to increase by 0.3% monthly. Forex traders can compare this to US Wholesale Inventories for June, which rose by 0.2% monthly.
US Pending Home Sales for July are predicted to increase 0.2% monthly. Forex traders can compare this to US Pending Home Sales for May, which surged 4.8% monthly.
US Natural Gas Inventories for the week ending August 23rd are predicted to increase by 33B cubic feet. Traders can compare this to US Natural Gas Inventories for the week ending August 16th, which rose by 35B cubic feet.
The forecast for the AUD/USD turned bearish after this currency pair advanced into its horizontal resistance area. Short-term volatility could increase with the Tenkan-sen moving higher and the Kijun-sen flat. The Senkou Span A of the Ichimoku Kinko Hyo Cloud moved above the Senkou Span B, but upside momentum is fading, increasing the odds of a false bullish crossover. Traders should also monitor the CCI after recording a lower high in extreme overbought territory before breaking down. This technical indicator has plenty of downside to lead this currency pair lower. Can bears regain complete control over the AUD/USD and force price action into its horizontal support 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 breakdown below the 0.6785 to 0.6825 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.6805
- Take Profit Zone: 0.6575 – 0.6620
- Stop Loss Level: 0.6870
Should price action for the AUD/USD break out above 0.6825, PaxForex the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.6870
- Take Profit Zone: 0.6915 – 0.7000
- Stop Loss Level: 0.6825
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