Source: PaxForex Premium Analytics Portal, Fundamental Insight
Australian NAB Business Conditions for June were reported at 24 and Australian NAB Business Confidence at 11. Forex traders can compare this to NAB Business Conditions for May, reported at 36, and Australian NAB Business Confidence reported at 20.
The US CPI for June is predicted to increase 0.5% monthly and 4.9% annualized. Forex traders can compare this to the US CPI for May, which increased 0.6% monthly and 5.0% annualized. The US Core CPI for June is predicted to increase 0.4% monthly and 4.0% annualized. Forex traders can compare this to the US Core CPI for April, which increased 0.7% monthly and 3.8% annualized. The US Monthly Budget Statement for June is predicted at -$194.0B. Forex traders can compare this to the US Monthly Budget Statement for May, reported at -$132.0B.
The forecast for the AUD/USD turned bullish after this currency pair advanced from its lows, ending its correction. The rise in bullishness is confirmed by a positive divergence in its CCI, which also pushed out of extreme oversold territory. The Tenkan-sen and the Kijun-sen remain flat, while the Ichimoku Kinko Hyo Cloud resumes its bearish formation. Can bulls gather enough power to stabilize the Ichimoku Kinko Hyo Cloud and force 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 breakdown below the 0.7450 to 0.7510 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.7490
- Take Profit Zone: 0.7685 – 0.7740
- Stop Loss Level: 0.7400
Should price action for the AUD/USD breakout above 0.7450, PaxForex the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.7400
- Take Profit Zone: 0.7300 – 0.7340
- Stop Loss Level: 0.7450
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
