Source: PaxForex Premium Analytics Portal, Fundamental Insight
Australian Consumer Inflation Expectations for November increased 4.6% annualized. Forex traders can compare this to Australian Consumer Inflation Expectations for October, which increased 3.6% annualized.
US JOLTS Job Openings for September are predicted at 10.300M. Forex traders can compare this to US JOLTS Job Openings for August, which were reported at 10.439M.
Preliminary US Michigan Consumer Sentiment for November is predicted at 72.4. Forex traders can compare this to US Michigan Consumer Confidence for October, reported at 71.7. Preliminary Current Conditions for November are expected at 80.0, and Preliminary Expectations are predicted at 70.0. Forex traders can compare this to Current Conditions for October, reported at 77.7, and Expectations, reported at 67.9.
The forecast for the AUD/USD turned bullish after price action reached its ascending Ichimoku Kinko Hyo Cloud. Adding to bullish pressures is the crossover of the ascending Kijun-sen above the descending Tenkan-sen. The CCI stabilized inside extreme oversold territory and started to drift higher. A breakout above -100 is expected to add to upside pressure. Will bulls gather enough momentum to pressure the AUD/USD into its 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 0.7265 to 0.7320 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.7295
- Take Profit Zone: 0.7520 – 0.7555
- Stop Loss Level: 0.7220
Should price action for the AUD/USD breakdown below 0.7265, PaxForex the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.7220
- Take Profit Zone: 0.7100 – 0.7140
- Stop Loss Level: 0.7265
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