Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Final Australian Judo Bank Manufacturing PMI for September came in at 46.7. Economists predicted a figure of 46.7. Forex traders can compare this to the Australian Judo Bank Manufacturing PMI for August, reported at 48.5.
Australian Building Approvals for August dropped by 6.1% monthly and rose by 7.9% annualized. Economists predicted a rise of 2.4% and 9.8%. Forex traders can compare this to Australian Building Approvals for July, which surged 11.0% monthly and 25.2% annualized. Australian Private House Approvals for August rose by 0.5% monthly. Forex traders can compare this to Australian Private House Approvals for July, which increased by 0.9% monthly.
Australian Retail Sales for August increased by 0.7% monthly. Economists predicted a rise of 0.4% monthly. Forex traders can compare this to Australian Retail Sales for July, which expanded 0.1% monthly.
Australian Commodity Prices for September plunged 10.1% annualized. Forex traders can compare this to Australian Commodity Prices for August, which dropped 6.0%.
The Final US S&P Global Manufacturing PMI for September is predicted at 47.0. Forex traders can compare this to the US S&P Global Manufacturing PMI for August, reported at 47.9.
US Construction Spending for August is predicted to rise 0.2% monthly. Forex traders can compare this to US Construction Spending for July, which decreased 0.3% monthly.
The US ISM Manufacturing Index for September is predicted at 47.6, and ISM Prices Paid at 53.5. Forex traders can compare this to the US ISM Manufacturing Index for August, reported at 47.2, and ISM Prices Paid at 54.0. ISM Employment Index for September is predicted at 47.0. Forex traders can compare this to the ISM Employment Index for August, reported at 46.0.
US JOLTS Job Openings for August are predicted at 7.640M. Forex traders can compare this to US JOLTS Job Openings for July, reported at 7.673M.
The forecast for the AUD/USD is cautiously bullish, driven by short-term economic optimism out of China. Short-term volatility could rise with the Tenkan-sen and the Kijun-sen flat. The ascending Senkou Span A and Senkou Span B of the Ichimoku Kinko Hyo Cloud provide upside pressure. Traders should also monitor the CCI in extreme overbought territory. This technical indicator may dip below 100 before attempting another push higher. Can bulls maintain control over price action in the AUD/USD and push this currency pair 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 0.6900 to 0.6950 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.6925
- Take Profit Zone: 0.7120 – 0.7160
- Stop Loss Level: 0.6855
Should price action for the AUD/USD break down below 0.6900, PaxForex the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.6855
- Take Profit Zone: 0.6710 – 0.6760
- Stop Loss Level: 0.6900
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