Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Australian CPI for the second quarter increased 0.8% quarterly and 5.4% annualized. Economists predicted an expansion of 1.0% quarterly and of 5.4% annualized. Forex traders can compare this to the Australian CPI for the first quarter, which rose 1.4% quarterly and 5.6% annualized. The RBA Trimmed Mean CPI for the second quarter increased 0.9% quarterly and 5.9% annualized. Economists predicted a rise of 1.1% quarterly and 6.6% annualized. Forex traders can compare this to the RBA Trimmed Mean CPI for the first quarter, which expanded 1.2% quarterly and 6.6% annualized. The RBA Weighted Median CPI for the second quarter rose 1.0% quarterly and 5.5% annualized. Economists predicted an increase of 1.1% quarterly and 5.4% annualized. Forex traders can compare this to the RBA Weighted Median CPI for the first quarter, which expanded by 1.2% quarterly and 5.8% annualized.
US Building Permits for June are predicted to decrease by 3.7% monthly to 1,440K permits. Forex traders can compare this to US Building Permits for May, which rose 5.6% monthly to 1,496K permits.
US New Home Sales for June are predicted to decrease by 0.7% monthly to 725K new homes. Forex traders can compare this to US New Home Sales for May, which surged by 12.2% monthly to 763K new homes.
US Crude Oil Inventories Change for the week ending July 21st are predicted at -2.348M. Traders can compare this to US Crude Oil Inventories Change for the week ending July 14th, reported at -0.708M. US Gasoline Inventories Change for the week ending July 21st are predicted at -1.678M, and US Distillate Stocks Change at -0.301M. Traders can compare this to US Gasoline Inventories Change for the week ending July 14th, reported at -1.066M, and US Distillate Stocks Change at 0.014M.
The US FOMC Interest Rate Decision is predicted to show interest rates at 5.50%. Forex traders can compare this to the previous US FOMC Interest Rate Decision, which showed interest rates at 5.25%. Traders should monitor for hints that the US Federal Reserve will pause its interest rate hikes and potentially declare a peak, which could send the US Dollar into a massive sell-off.
The forecast for the AUD/USD is cautiously bullish after this currency pair retreated from a double-top formation. Bulls and bears could fight for control with the Kijun-sen and the Tenkan-sen flat, while the Ichimoku Kinko Hyo Cloud maintains a moderate bullish bias. Traders should monitor the CCI following its breakdown from extreme overbought territory. This technical indicator may temporarily dip below zero, and a reversal breakout would provide traders with the final buy signal. Can bulls regain control over the AUD/USD and force price action into its horizontal resistance area and a fresh 2023 high? 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 0.6745 to 0.6805 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.6770
- Take Profit Zone: 0.6860 – 0.6900
- Stop Loss Level: 0.6715
Should price action for the AUD/USD breakdown below 0.6745, PaxForex the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.6715
- Take Profit Zone: 0.6650 – 0.6680
- Stop Loss Level: 0.6745
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
