Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Australian Employment Change for February came in at 77.4K and the Unemployment Rate at 4.0%. Economists predicted a figure of 37.0K and 4.1%. Forex traders can compare this to the Australian Employment Change for January, reported at 12.9K, and the Unemployment Rate reported at 4.2%. 121.9K Full-Time Positions were created, and 44.5K Part-Time Positions were lost in February. Forex traders can compare this to the loss of 17.0K Full-Time Positions and the creation of 34.4K Part-Time Positions, reported in January. The Labor Force Participation Rate for February came in at 66.4%. Economists predicted a reading of 66.3%. Forex traders can compare this to the Labor Force Participation Rate for January, reported at 66.2%.
Australian HIA New Home Sales for February dropped 7.0% monthly. Forex traders can compare this to Australian HIA New Home Sales for January, which decreased 8.3% monthly.
US Housing Starts for February are predicted at 1,690K starts, and Building Permits at 1,850K permits. Forex traders can compare this to US Housing Starts for January, reported at 1,638K starts, and Building Permits, at 1,895K permits. The Philadelphia Fed Manufacturing Index for March is predicted at 15.0. Forex traders can compare this to the Philadelphia Fed Manufacturing Index for February, reported at 16.0.
US Initial Jobless Claims for the week of March 12th are predicted at 220K, and US Continuing Claims for the week of March 5th at 1,485K. Forex traders can compare this to US Initial Jobless Claims for the week of March 5th, reported at 227K, and to US Continuing Claims for the week of February 26th at 1,494K.
US Industrial Production for February is predicted to increase 0.5% monthly, and Manufacturing Production by 0.6% monthly. Forex traders can compare this to US Industrial Production for January, which rose 1.4% monthly, and Manufacturing Production, which increased 0.2% monthly. Capacity Utilization for February is predicted at 77.8%. Forex traders can compare this to Capacity Utilization for January, reported at 77.6%.
The forecast for the AUD/USD is turning moderately bearish over the short-term but remains bullish longer-term. Price action may correct into its ascending Ichimoku Kinko Hyo Cloud, challenging a previous low set by its Senkou Span B. Confirming the absence of bullish pressures are the flat Kijun-sen and Tenkan-sen. Traders should monitor the CCI after bouncing off extreme oversold levels and crossing above zero, as it may extend its advance until it gets rejected by extreme overbought conditions. Can bears wrestle control from bulls and pressure 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 breakdown below the 0.7280 to 0.7335 zone, PaxForex recommends the following trade set-up:
Should price action for the AUD/USD breakout above 0.7335, PaxForex the following trade set-up:
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
To receive new articles instantly Subscribe to updates.