Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Australian Employment Change for October was reported at 178.8K. Economists predicted a figure of -30.0K. Forex traders can compare this to the Australian Employment Change for September, reported at -29.5K. The Unemployment Rate for October was reported at 7.0%. Economists predicted a reading of 7.2%. Forex traders can compare this to the Unemployment Rate for September, reported at 6.9%. 97.0K Full-Time Positions and 81.8K Part-Time Positions were created in October. Forex traders can compare this to the loss of 40.3K Full-Time Positions and 2.2K Part-Time Positions reported in September. The Labor Force Participation Rate for October was reported at 65.8%. Economists predicted a reading of 64.7%. Forex traders can compare this to the Labor Force Participation Rate for September, reported at 64.8%.
US Initial Jobless Claims for the week of November 14th are predicted at 707K, and US Continuing Claims for the week of November 7th are predicted at 6,470K. Forex traders can compare this to US Initial Jobless Claims for the week of November 7th, which were reported at 709K, and to US Continuing Claims for the week of October 31st, which were reported at 6,786K. The Philadelphia Fed Manufacturing Index for November is predicted at 22.0. Forex traders can compare this to the Philadelphia Fed Manufacturing Index for October, reported at 32.3. US Existing Home Sales for October are predicted to decrease by 1.2% monthly to 6.45M. Forex traders can compare this to US Existing Home Sales for September, which increased by 9.4% monthly to 6.54M. The US Leading Index for October is predicted to increase by 0.7% monthly. Forex traders can compare this to the US Leading Index for September, which increased by 0.7% monthly.
The forecast for the AUD/USD remains bullish after this currency pair moved above its Ichimoku Kinko Hyo Cloud. It also trades above the sideways trending Kijun-sen and Tenkan-sen, while the CCI moved out of extreme overbought territory. It has more room to expand to the upside, driving price action higher. The economic outlook for Australia improved marginally, but can bulls take advantage of it and push 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 0.7280 to 0.7345 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.7300
- Take Profit Zone: 0.7485 – 0.7530
- Stop Loss Level: 0.7220
Should price action for the AUD/USD breakdown below 0.7280 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.7220
- Take Profit Zone: 0.7095 – 0.7145
- Stop Loss Level: 0.7280
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