Source: PaxForex Premium Analytics Portal, Fundamental Insight
Australian Private Sector Credit for May increased 0.4% monthly and 1.9% annualized. Forex traders can compare this to Australian Private Sector Credit for April, which increased 0.2% monthly and 1.3% annualized.
The US ADP Employment Change for June is predicted at 600K. Forex traders can compare this to the US ADP Employment Change for May, reported at 978K. The US Chicago PMI for June is predicted at 70.0. Forex traders can compare this to the US Chicago PMI for May, reported at 75.2. US Pending Home Sales for May are predicted to decrease 0.8% monthly. Forex traders can compare this to US Pending Home Sales for April, which decreased by 4.4% monthly.
The forecast for the AUD/USD turned moderately bullish after this currency pair plunged below its descending Ichimoku Kinko Hyo Cloud. While the Tenkan-sen continues to move lower, the Tenkan-sen turned sideways. Traders should expect more volatility and choppy trading ahead after the CCI moved out of extreme oversold territory. Can bulls regain control of price action and force the AUD/USD into its horizontal support 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 0.7480 to 0.7545 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.7515
- Take Profit Zone: 0.7710 – 0.7750
- Stop Loss Level: 0.7450
Should price action for the AUD/USD breakdown below 0.7480, PaxForex the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.7450
- Take Profit Zone: 0.7340 – 0.7370
- Stop Loss Level: 0.7480
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
