Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Final Australian Judo Bank Manufacturing PMI for February came in at 47.8. Economists predicted a figure of 47.7. Forex traders can compare this to the Australian Judo Bank Manufacturing PMI for January, reported at 50.1.
The Chinese Non-Manufacturing PMI for February came in at 51.4, and the Chinese Manufacturing PMI at 49.1. Economists predicted a figure of 50.9 and 49.1. Forex traders can compare this to the Chinese Non-Manufacturing PMI for January, reported at 50.7, and the Chinese Manufacturing PMI, at 49.2. The Chinese Composite PMI for February came in at 50.9. Forex traders can compare this to the Chinese Composite PMI for January, reported at 50.9.
The Chinese Caixin Manufacturing PMI for February came in at 50.9. Economists predicted a figure of 50.7. Forex traders can compare this to the Chinese Caixin Manufacturing PMI for January, reported at 50.8.
Australian Commodity Prices for February plunged 11.0% annualized. Forex traders can compare this to Australian Commodity Prices for January, which dropped 10.4%.
The Final US S&P Global Manufacturing PMI for February is predicted at 51.5. Forex traders can compare this to the US S&P Global Manufacturing PMI for January, reported at 50.7.
US Construction Spending for January is predicted to rise 0.2% monthly. Forex traders can compare this to US Construction Spending for December, which rose 0.9% monthly.
The US ISM Manufacturing Index for February is predicted at 49.5, and ISM Prices Paid at 53.5. Forex traders can compare this to the US ISM Manufacturing Index for January, reported at 49.1, and ISM Prices Paid at 52.9.
The final US Michigan Consumer Sentiment for February is predicted at 79.6. Forex traders can compare this to US Michigan Consumer Confidence for January, reported at 79.0. Final Current Conditions for February are predicted at 81.5, and Final Expectations are predicted at 78.4. Forex traders can compare this to Current Conditions for January, reported at 81.9, and Expectations, reported at 77.1. Final US Michigan Inflation Expectations for February are predicted at 3.0%, and Final US Michigan 5-year Inflation Expectations at 2.9%. Forex traders can compare this to Final US Michigan Inflation Expectations for January, reported at 2.9%, and Final US Michigan 5-Year Inflation Expectations at 2.9%.
The forecast for the AUD/USD turned cautiously bullish after this currency pair stabilized at its horizontal support area. Volatility could increase with the Kijun-sen and the Tenkan-sen flat while the Ichimoku Kinko Hyo Cloud widens. Traders should also monitor the CCI following a double breakdown from extreme overbought territory and below zero. This technical indicator shows signs of reversing, and a breakout above zero could trigger the next leg higher. Can bulls regain control over the AUD/USD and drive 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 0.6485 to 0.6535 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.6510
- Take Profit Zone: 0.6685 – 0.6740
- Stop Loss Level: 0.6440
Should price action for the AUD/USD breakdown below 0.6485, PaxForex the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.6440
- Take Profit Zone: 0.6360 – 0.6395
- Stop Loss Level: 0.6485
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