Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Australian AiG Construction Index for November came in at 22.2. Forex traders can compare this to the Australian AiG Construction Index for October, reported at 18.5. The AiG Manufacturing Index for November came in at -25.3, and the AiG Industry Index at -22.4. Forex traders can compare this to the AiG Manufacturing Index for October, reported at -20.9, and the AiG Industry Index at -9.9.
The Australian GDP for the third quarter expanded 0.2% quarterly and 2.1% annualized. Economists predicted an increase of 0.4% and 1.8% annualized. Forex traders can compare this to the Australian GDP for the second quarter, which rose 0.4% quarterly and 2.0% annualized. Capital Expenditure for the third quarter increased by 1.1% quarterly, the Chain Price Index rose by 0.6% quarterly, and Final Consumption expanded by 0.4% quarterly. Forex traders can compare this to Capital Expenditure for the second quarter, which rose by 2.7% quarterly, the Chain Price Index, which dropped by 2.2% quarterly, and Final Consumption, which expanded by 0.2% quarterly.
The US ADP Employment Change for November is predicted at 130K. Forex traders can compare this to the US ADP Employment Change for October, reported at 113K.
Final US Non-Farm Productivity for the third quarter is predicted to rise by 4.9% quarterly, and Unit Labor Costs to decrease by 0.9% quarterly. Forex traders can compare this to US Non-Farm Productivity for the second quarter, which rose by 3.5% quarterly, and Unit Labor Costs, which increased by 2.2% quarterly.
The US Trade Balance for October is predicted at -$64.20B. Forex traders can compare this to the US Trade Balance for September, reported at -$61.50B.
US Crude Oil Inventories Change for the week ending December 1st are predicted at -1.354M. Traders can compare this to US Crude Oil Inventories Change for the week ending November 24th, reported at 1.609M. US Gasoline Inventories Change for the week ending December 1st are predicted at 1.027M, and US Distillate Stocks Change at 1.526M. Traders can compare this to US Gasoline Inventories Change for the week ending November 24th, reported at 1.764M, and US Distillate Stocks Change at 5.217M.
The forecast for AUD/USD is cautiously bullish, driven by its ascending Ichimoku Kinko Hyo Cloud, with the Senkou Span A and the Senkou Span B moving higher. The ascending Kijun-sen and Tenkan-sen confirm bullish momentum. Traders should also monitor the CCI following its double breakdown below extreme overbought territory and zero. This technical indicator shows early signs of a bearish momentum loss, and a breakout above zero could resume the previous advance. Can bulls overpower bears and push the AUD/USD 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 0.6545 to 0.6595 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.6580
- Take Profit Zone: 0.6690 – 0.6725
- Stop Loss Level: 0.6520
Should price action for the AUD/USD breakdown below 0.6545, PaxForex the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.6520
- Take Profit Zone: 0.6425 – 0.6450
- Stop Loss Level: 0.6545
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