Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Australian Trade Balance for May came in at A$11,791M. Economists predicted a figure of A$10.500M. Forex traders can compare this to the Australian Trade Balance for April, reported at A$10,454M. Exports for May increased by 4.4% monthly, and imports rose by 2.5%. Forex traders can compare this to exports for April, which dropped by 6.4%, and imports which increased by 1.7%.
The US ADP Employment Change for June is predicted at 228K. Forex traders can compare this to the US ADP Employment Change for May, reported at 278K.
US Initial Jobless Claims for the week of July 1st are predicted at 245K, and US Continuing Claims for the week of June 24th at 1,745K. Forex traders can compare this to US Initial Jobless Claims for the week of June 24th, reported at 239K, and US Continuing Claims for the week of June 17th, reported at 1,742K.
The US Trade Balance for May is predicted at -$69.00B. Forex traders can compare this to the US Trade Balance for April, reported at -$74.60B.
The Final US S&P Global Composite PMI for June is predicted at 53.0, and the Final US S&P Global Services PMI at 54.1. Forex traders can compare this to the US S&P Global Composite PMI for May, reported at 54.3, and the US S&P Global Services PMI at 54.9.
The US IBD/TIPP Economic Optimism Index for June is predicted at 45.3. Forex traders can compare this to the US IBD/TIPP Economic Optimism Index for May, reported at 41.7.
The US ISM Non-Manufacturing PMI for June is predicted at 51.0, and the ISM Non-Manufacturing Business Activity Index at 51.9. Forex traders can compare this to the US ISM Non-Manufacturing PMI for May, reported at 50.3, and the ISM Non-Manufacturing Business Activity Index, at 51.5. ISM Prices Paid Index for June is predicted at 53.3, the ISM Employment Index at 49.9, and the ISM New Orders Index at 55.9. Forex traders can compare this to the ISM Prices Paid Index for May, reported at 56.2, the ISM Employment Index at 49.2, and the ISM New Orders Index at 52.9.
US JOLTS Job Openings for May are predicted at 9.935M. Forex traders can compare this to US JOLTS Job Openings for April, reported at 10.103M.
US Crude Oil Inventories Change for the week ending June 30th are predicted at -0.983M. Traders can compare this to US Crude Oil Inventories Change for the week ending June 23rd, reported at -9.603M. US Gasoline Inventories Change for the week ending June 30th are predicted at -1.417M, and US Distillate Stocks Change at 0.296M. Traders can compare this to US Gasoline Inventories Change for the week ending June 23rd, reported at 0.603M, and US Distillate Stocks Change at 0.124M.
The forecast for the AUD/USD turned cautiously bullish after this currency pair corrected into its ascending Ichimoku Kinko Hyo Cloud. Volatility could rise after the descending Tenkan-sen crossed below the ascending Kijun-sen. Traders should also monitor the CCI following its breakout from extreme oversold territory. A move above zero could trigger the next move higher. Can bulls regain control over the AUD/USD and push 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 0.6650 to 0.6710 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.6680
- Take Profit Zone: 0.6835 – 0.6900
- Stop Loss Level: 0.6615
Should price action for the AUD/USD breakdown below 0.6650, PaxForex the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.6615
- Take Profit Zone: 0.6490 – 0.6545
- Stop Loss Level: 0.6650
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