The Australian AiG Performance of Manufacturing Index for April was reported at 35.8. Forex traders can compare this to the Australian AiG Performance of Manufacturing Index for March, which was reported at 53.7. The Australian PPI for the first-quarter increased by 0.2% quarterly and by 1.3% annualized. Forex traders can compare this to the Australian PPI for the fourth quarter, which increased by 0.3% quarterly and by 1.4% annualized.

The Final US Markit Manufacturing PMI for April is predicted at 36.9. Forex traders can compare this to the previous US Markit Manufacturing PMI for April, which was reported at 36.9. US Construction Spending for March is predicted to decrease by 3.5% monthly. Forex traders can compare this to US Construction Spending for February, which decreased by 1.3% monthly. The US ISM Manufacturing Index for April is predicted at 36.9. Forex traders can compare this to the US ISM Manufacturing Index for March, which was reported at 49.1. ISM Prices Paid for April are predicted at 35.0. Forex traders can compare this to ISM Prices Paid for March, which were reported at 37.4. ISM Employment for April is predicted at 37.0. Forex traders can compare this to ISM Employment for March, which was reported at 43.8.

The AUD/USD forecast continues to be influenced by bullish factors, as US economic data surprises to the downside. After this currency pair completed a breakout above the Tenkan-sen, bullish momentum increased. Price action is expected to continue its rally until it reaches its next horizontal resistance area. Will today’s US data follow the established pattern of disappointments and fuel the advance? 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 0.6415 to 0.6500 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 0.6450
• Take Profit Zone: 0.6935 – 0.7030
• Stop Loss Level: 0.6380

Should price action for the AUD/USD breakdown below 0.6415 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 0.6380
• Take Profit Zone: 0.6115 – 0.6195
• Stop Loss Level: 0.6415

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