Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Australian AiG Services Index for February was reported at 55.8. Forex traders can compare this to the Australian AiG Services Index for January, reported at 54.3. US Consumer Credit for January is predicted at $12.00B. Forex traders can compare this to US Consumer Credit for December, reported at $9.73B.
The US NFP Report for February is predicted to show 182K job additions and an unemployment rate of 6.3%. Forex traders can compare this to the US NFP Report for January, which showed 49K job additions and an unemployment rate of 6.3%. Private Payrolls for February are predicted to show 210K job additions and Manufacturing Payrolls 18K job additions. Forex traders can compare this to Private Payrolls for January, which showed 6K job additions, and to Manufacturing Payrolls, which showed 10K job losses. The Average Work Week for February is predicted at 34.9 hours. Forex traders can compare this to the Average Work Week for January, reported at 35.0 hours. Average Hourly Earnings for February are predicted to increase by 0.2% monthly and by 5.3% annualized. Forex traders can compare this to Average Hourly Earnings for January, which increased by 0.2% monthly and 5.4% annualized.
The forecast for the AUD/USD turned bullish after this currency pair corrected into the Senkou Span A of its ascending Ichimoku Kinko Hyo Cloud. Traders should expect a bit more volatility with the Tenkan-sen drifting lower while the Kijun-sen flatlined, but overall developments suggest more upside. The CCI dipped into extreme overbought territory from where a quick reversal is likely to follow. Can bulls force the AUD/USD into its next horizontal resistance 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 0.7680 to 0.7730 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.7710
- Take Profit Zone: 0.7975 – 0.8005
- Stop Loss Level: 0.7650
Should price action for the AUD/USD breakdown below 0.7680 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.7650
- Take Profit Zone: 0.7555 – 0.7590
- Stop Loss Level: 0.7680
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