Source: PaxForex Premium Analytics Portal, Fundamental Insight

The Australian Trade Balance for May was reported at A$8,025M. Forex traders can compare this to the Australian Trade Balance for April, reported at A$8,800M. Exports for May decreased by 4.0% monthly, and imports decreased by 6.0%. Forex traders can compare this to exports for April, which decreased by 11.0% and, and to imports, which decreased by 11.0%.

US Initial Jobless Claims for the week of June 27th are predicted at 1,355K, and US Continuing Claims for the week of June 20th are predicted at 19,000K. Forex traders can compare this to US Initial Jobless Claims for the week of June 20th, reported at 1,480K, and to US Continuing Claims for the week of June 13th, reported at 19,544K.

The US NFP Report for June is predicted to show 3,000K job additions and an unemployment rate of 12.3%. Forex traders can compare this to the US NFP Report for May, which showed 2,509K job additions and an unemployment rate of 13.3%. Private Payrolls for June are predicted to show 2,900K job additions and Manufacturing Payrolls 311K job additions. Forex traders can compare this to Private Payrolls for May, which showed 3,094K job additions, and to Manufacturing Payrolls, which showed 225K job additions. The Average Work Week for June is predicted at 34.5 hours. Forex traders can compare this to the Average Work Week for May, which was reported at 34.7 hours. Average Hourly Earnings for June are predicted to decrease by 0.7% monthly and to increase by 5.3% annualized. Forex traders can compare this to Average Hourly Earnings for May, which decreased by 1.0% monthly, and which increased by 6.7% annualized.

The US Trade Balance for May is predicted at -$53.0B. Forex traders can compare this to the US Trade Balance for April, which was reported at -$49.4B. US Factory Orders for May are predicted to increase by 8.9% monthly. Forex traders can compare this to US Factory Orders for April, which decreased by 13.0% monthly.

The AUD/USD forecast expands its bullish outlook, with Australia hoping to ride the expansion in Chinese manufacturing higher while resolving its latest trade dispute with China. All eyes will be on today’s NFP report for June, where high expectations are likely to meet volatile trading after its release. Price action may surf the Ichimoku Kinko Hyo Cloud higher, especially if expectations are not met this afternoon. Will bulls receive a catalyst from today’s US economic data? 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 0.6890 to 0.6960 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 0.6930
• Take Profit Zone: 0.7155 – 0.7200
• Stop Loss Level: 0.6820

Should price action for the AUD/USD breakdown below 0.6890 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 0.6820
• Take Profit Zone: 0.6645 – 0.6730
• Stop Loss Level: 0.6890

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