Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Preliminary Australian Manufacturing PMI for December was reported at 57.4, the Preliminary Australian Services PMI at 55.1, and the Preliminary Australian Composite PMI at 54.9. Forex traders can compare this to the Australian Manufacturing PMI for November, reported at 59.2, the Australian Services PMI at 55.7, and the Australian Composite PMI at 55.7.
Australian Consumer Inflation Expectations for December increased 4.8% annualized. Forex traders can compare this to Australian Consumer Inflation Expectations for November, which increased 4.6% annualized.
The Australian Employment Change for November was reported at 366.1K and the Unemployment Rate at 4.6%. Economists predicted a figure of 205.0K and 5.0%. Forex traders can compare this to the Australian Employment Change for October, reported at -56.0K, and the Unemployment Rate reported at 5.2%. 128.3K Full-Time Positions and 237.8K Part-Time Positions were created in November. Forex traders can compare this to the loss of 47.1K Full-Time Positions and 8.8K Part-Time Positions, reported in October. The Labor Force Participation Rate for November was reported at 66.1%. Economists predicted a reading of 65.5%. Forex traders can compare this to the Labor Force Participation Rate for October, reported at 64.6%.
US Housing Starts for November are predicted at 1,568K starts, and Building Permits at 1,663K permits. Forex traders can compare this to US Housing Starts for October, reported at 1,520K starts, and Building Permits, reported at 1,653K permits. The Philadelphia Fed Manufacturing Index for December is predicted at 30.0. Forex traders can compare this to the Philadelphia Fed Manufacturing Index for November, reported at 39.0.
US Initial Jobless Claims for the week of December 11th are predicted at 200K, and US Continuing Claims for the week of December 4th are predicted at 1,936K. Forex traders can compare this to US Initial Jobless Claims for the week of December 4th, reported at 184K, and to US Continuing Claims for the week of November 27th, reported at 1,992K.
US Industrial Production for November is predicted to increase 0.7% monthly, and Manufacturing Production is predicted to increase 0.7% monthly. Forex traders can compare this to US Industrial Production for October, which increased 1.6% monthly, and Manufacturing Production which increased 1.2% monthly. Capacity Utilization for November is predicted at 76.8%. Forex traders can compare this to Capacity Utilization for October, reported at 76.4%.
The Preliminary US Markit Manufacturing PMI for December is predicted at 58.5, and the Preliminary US Markit Services PMI at 58.5. Forex traders can compare this to the US Markit Manufacturing PMI for November, reported at 58.3, and the US Markit Services PMI reported at 58.0.
The forecast for the AUD/USD remains bullish after price action reversed off its support area. Traders should expect more volatility due to the descending Ichimoku Kinko Hyo Cloud, likely to limit the upside potential. The Tenkan-sen shows the return of moderate bullishness, while the Kijun-sen extends its downtrend. Traders should also monitor the CCI, approaching extreme overbought levels, with more upside potential ahead. Choppiness over the next few sessions can clear the way for the next leg higher. Can bulls maintain control over the AUD/USD, and extend the rally 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 0.7225 zone, PaxForex recommends the following trade set-up:
Should price action for the AUD/USD breakdown below 0.7135, PaxForex the following trade set-up:
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