Source: PaxForex Premium Analytics Portal, Fundamental Insight
Australian Home Loans for November increased 7.6% monthly, and Investment Lending for Homes increased 3.8% monthly. Forex traders can compare this to Australian Home Loans for October, which decreased 4.1% monthly, and Investment Lending for Homes, which increased 1.1% monthly.
The Chinese Trade Balance for December came in at $94.46B. Economists predicted a figure of $74.50B. Forex traders can compare this to the Chinese Trade Balance for November, reported at $71.72B. Exports for December increased 20.9% annualized, and Imports rose 19.5% annualized. Economists predicted an increase of 20.0% and 26.3%. Forex traders can compare this to Exports for November, which increased 22.0% annualized, and Imports, which decreased 31.7% annualized.
US Retail Sales for December are predicted to decrease 0.1% monthly, and Core Retail Sales are predicted to increase 0.2% monthly. Forex traders can compare this to US Retail Sales for November, which increased 0.3% monthly, and Core Retail Sales, which increased 0.3% monthly. Retail Sales in the Control Group for December are predicted to increase 0.1% monthly. Forex traders can compare this to Retail Sales in the Control Group for November, which decreased 0.1% monthly.
The US Import Price Index for December is predicted to increase 0.3% monthly, and the US Export Price Index is predicted to increase 0.3% monthly. Forex traders can compare this to the US Import Price Index for November, which increased 0.7% monthly, and the US Export Price Index, which increased 1.0% monthly.
US Industrial Production for December is predicted to increase 0.3% monthly, and Manufacturing Production is predicted to increase 0.5% monthly. Forex traders can compare this to US Industrial Production for November, which increased 0.5% monthly, and Manufacturing Production, which increased 0.7% monthly. Capacity Utilization for December is predicted at 77.0%. Forex traders can compare this to Capacity Utilization for November, reported at 76.8%.
Preliminary US Michigan Consumer Sentiment for January is predicted at 70.0. Forex traders can compare this to US Michigan Consumer Confidence for December, reported at 70.6. Preliminary Current Conditions for January are expected at 73.3, and Preliminary Expectations are predicted at 66.5. Forex traders can compare this to Current Conditions for December, reported at 74.2, and Expectations at 68.3.
The forecast for the AUD/USD remains bullish after this currency pair punched above its Ichimoku Kinko Hyo Cloud. It enjoys an increase in bullish momentum from its ascending Senkou Span A. Short-term volatility may increase with the Kijun-sen and the Tenkan-sen flat, as bulls and bears will wrestle for control. Traders should wait for the CCI the retreat from extreme overbought territory with a temporary move below 100 from where a new push higher is likely. Can bulls remain in charge of the AUD/USD and force 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 0.7250 to 0.7315 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.7285
- Take Profit Zone: 0.7505 – 0.7555
- Stop Loss Level: 0.7200
Should price action for the AUD/USD breakdown below 0.7250, PaxForex the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.7200
- Take Profit Zone: 0.6990 – 0.7140
- Stop Loss Level: 0.7250
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