Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Australian AiG Services Index for July was reported at 51.7. Forex traders can compare this to the Australian AiG Services Index for June, reported at 57.8.
The US NFP Report for July is predicted to show 870K job additions and an unemployment rate of 5.7%. Forex traders can compare this to the US NFP Report for June, which showed 850K job additions and an unemployment rate of 5.9%. Private Payrolls for July are predicted to show 700K job additions and Manufacturing Payrolls 25K job additions. Forex traders can compare this to Private Payrolls for June, which showed 662K job additions, and Manufacturing Payrolls, which showed 15K job additions. The Average Work Week for July is predicted at 34.7 hours. Forex traders can compare this to the Average Work Week for June, reported at 34.7 hours. Average Hourly Earnings for July are predicted to increase 0.3% monthly and 3.8% annualized. Forex traders can compare this to Average Hourly Earnings for June, which increased 0.3% monthly and 3.6% annualized.
US Wholesale Inventories for June are predicted to increase 0.8% monthly, and Wholesale Trade Sales by 0.8% monthly. Forex traders can compare this to US Wholesale Inventories for May, which increased 1.3% monthly, and US Wholesale Trade Sales, which increased 0.8% monthly. US Consumer Credit for June is predicted at $23.00B. Forex traders can compare this to US Consumer Credit for May, reported at $35.28B.
The forecast for the AUD/USD remains bearish despite the sell-off over the past few trading sessions. Price action paused its bearish move and presently drifts higher with the Kijun-sen and the Tenkan-sen flat. The descending Ichimoku Kinko Hyo Cloud maintains longer-term bearish pressures on price action, supported by weakening fundamentals for the US Dollar. After the CCO briefly moved into extreme overbought territory, it reversed direction with plenty of downside potential. Can bears maintain control over the AUD/USD and force it into its next 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 0.7365 to 0.7440 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.7390
- Take Profit Zone: 0.7095 – 0.7145
- Stop Loss Level: 0.7485
Should price action for the AUD/USD breakout above 0.7440, PaxForex the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.7485
- Take Profit Zone: 0.7545 – 0.7615
- Stop Loss Level: 0.7440
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
