Source: PaxForex Premium Analytics Portal, Fundamental Insight
Australian Consumer Inflation Expectations for November increased by 4.9% annualized. Forex traders can compare this to Australian Consumer Inflation Expectations for October, which expanded by 4.8% annualized.
The Australian Employment Change for October came in at 55.0K, and the Unemployment Rate at 3.7%. Economists predicted a figure of 20.0K and 3.7%. Forex traders can compare this to the Australian Employment Change for September, reported at 7.8K, and the Unemployment Rate reported at 3.6%. 17.0K Full-Time Positions and 37.9K Part-Time Positions were created in October. Forex traders can compare this to the loss of 36.6K Full-Time Positions and the creation of 44.3K Part-Time Positions reported in September. The Labor Force Participation Rate for October came in at 67.0%. Economists predicted a reading of 66.7%. Forex traders can compare this to the Labor Force Participation Rate for September, reported at 66.8%.
Total Australian Reserve Assets for October came in at A$94,568M. Forex traders can compare this to Total Australian Reserve Assets for September, reported at A$93,232M.
The Chinese House Price Index for October decreased by 0.1% annualized. Forex traders can compare this to the Chinese House Price Index for September, which contracted 0.1% annualized.
US Initial Jobless Claims for the week of November 11th are predicted at 220K, and US Continuing Claims for the week of November 4th at 1,847K. Forex traders can compare this to US Initial Jobless Claims for the week of November 4th, reported at 217K, and US Continuing Claims for the week of October 28th at 1,834K.
The US Import Price Index for October is predicted to decrease by 0.3% monthly, and the US Export Price Index by 0.5% monthly. Forex traders can compare this to the US Import Price Index for September, which rose by 0.1% monthly, and to the US Export Price Index, which accelerated by 0.7% monthly.
The Philadelphia Fed Manufacturing Index for November is predicted at -9.0. Forex traders can compare this to the Philadelphia Fed Manufacturing Index for October, reported at -9.0. Traders should focus on the CAPEX, Prices Paid, New Orders, and Employment sub-components.
US Industrial Production for October is predicted to drop by 0.3% monthly, and Manufacturing Production by 0.3% monthly. Forex traders can compare this to US Industrial Production for September, which rose by 0.3% monthly, and Manufacturing Production, which increased by 0.4% monthly. Capacity Utilization for October is predicted at 79.4%. Forex traders can compare this to Capacity Utilization for September, reported at 79.7%.
The US NAHB Housing Market Index for November is predicted at 40. Forex traders can compare this to the US NAHB Housing Market Index for October, reported at 40.
US Natural Gas Inventories for the week ending November 3rd are predicted at 40B cubic feet. Traders can compare this to US Natural Gas Inventories for the week ending October 19th, reported at 79B cubic feet.
The forecast for the AUD/USD turned bearish after this currency pair spiked into its horizontal resistance area. The downward shifting Ichimoku Kinko Hyo Cloud could attract bears, while the flat Kijun-sen and Tenkan-sen suggest the lack of upside momentum. Traders should also monitor the CCI after it recorded a lower high in extreme overbought territory, followed by a breakdown. Can bears maintain control over the AUD/USD and force price action 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 0.6460 to 0.6500 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.6475
- Take Profit Zone: 0.6270 – 0.6315
- Stop Loss Level: 0.6540
Should price action for the AUD/USD breakout above 0.6500, PaxForex the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.6540
- Take Profit Zone: 0.6625 – 0.6680
- Stop Loss Level: 0.6500
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