Source: PaxForex Premium Analytics Portal, Fundamental Insight
Australian Consumer Inflation Expectations for July increased 6.3% annualized. Forex traders can compare this to Australian Consumer Inflation Expectations for June, which rose 6.7% annualized.
The Australian Employment Change for June came in at 88.4K and the Unemployment Rate at 3.5%. Economists predicted a figure of 30.0K and 3.8%. Forex traders can compare this to the Australian Employment Change for May, reported at 60.6K, and the Unemployment Rate reported at 3.9%. 52.9K Full-Time Positions and 35.5K Part-Time Positions were created in June. Forex traders can compare this to the creation of 35.5K Full-Time Positions and the loss of 8.7K Part-Time Positions reported in May. The Labor Force Participation Rate for June came in at 66.8%. Economists predicted a reading of 66.7%. Forex traders can compare this to the Labor Force Participation Rate for May, reported at 66.7%.
US Initial Jobless Claims for the week of July 9th are predicted at 235K, and US Continuing Claims for the week of July 2nd are predicted at 1,383K. Forex traders can compare this to US Initial Jobless Claims for the week of July 2nd, reported at 235K, and to US Continuing Claims for the week of June 25th, reported at 1,375K.
The US PPI for June is predicted to increase 0.8% monthly and 10.7% annualized. Forex traders can compare this to the US PPI for May, which rose 0.8% monthly and 10.8% annualized. The US Core PPI for June is predicted to expand 0.5% monthly and 8.1% annualized. Forex traders can compare this to the US Core PPI for May, which increased 0.5% monthly and 8.3% annualized.
US Natural Gas Inventories for the week ending July 8th are predicted at 58B cubic feet. Traders can compare this to US Natural Gas Inventories for the week ending July 1st, reported at 60B cubic feet.
The forecast for the AUD/USD turned bullish after this currency pair stabilized at its horizontal support area. Short-term volatility is likely to rise as bulls and bears fight for control, and the Kijun-sen and Tenkan-sen begin a bottoming pattern before drifting higher. The Ichimoku Kinko Hyo Cloud continues to apply downside pressure, suggesting a rocky path higher. Traders should monitor the CCI after it has formed a positive divergence in extreme oversold territory followed by a breakout above -100. A push through zero could result in an accelerated advance. Can bulls overcome bears and push the AUD/USD into its horizontal resistance area through its Ichimoku Kinko Hyo Cloud? 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 0.6710 to 0.6800 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.6755
- Take Profit Zone: 0.7135 – 0.7200
- Stop Loss Level: 0.6645
Should price action for the AUD/USD breakdown below 0.6710, PaxForex the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.6645
- Take Profit Zone: 0.6410 – 0.6500
- Stop Loss Level: 0.6710
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