Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Preliminary Australian Judo Bank Services PMI for October came in at 50.6, and the Preliminary Australian Judo Bank Manufacturing PMI was at 46.6. Forex traders can compare this to the Australian Judo Bank Services PMI for September, reported at 50.5, and the Australian Judo Bank Manufacturing PMI, reported at 46.7.
US Building Permits for September are predicted to decrease by 2.9% monthly to 1.428M permits. Forex traders can compare this to US Building Permits for August, which rose by 4.6% monthly to 1.470M permits.
US Initial Jobless Claims for the week of October 14th are predicted at 243K, and US Continuing Claims for the week of October 7th at 1,880K. Forex traders can compare this to US Initial Jobless Claims for the week of October 7th, reported at 241K, and US Continuing Claims for the week of September 30th, reported at 1,867K.
The Preliminary US S&P Global Manufacturing PMI for October is predicted at 47.5, and the Preliminary US S&P Global Services PMI at 55.0. Forex traders can compare this to the US S&P Global Manufacturing PMI for September, reported at 47.3, and the US S&P Global Services PMI, reported at 55.2.
US New Home Sales for September are predicted at 719K new homes. Forex traders can compare this to US New Home Sales for August, reported at 716K new homes.
US Natural Gas Inventories for the week ending October 18th are predicted to increase by 61B cubic feet. Traders can compare this to US Natural Gas Inventories for the week ending October 11th, which rose by 76B cubic feet.
The forecast for the AUD/USD turned cautiously bullish after this currency pair corrected into its horizontal support area. The Tenkan-sen moves lower, but the Kijun-sen has flatlined, suggesting fading short-term bearish momentum. The Senkou Span A of the Ichimoku Kinko Hyo Cloud is moving lower with the Senkou Span B flat and a wide Ichimoku Kinko Hyo Cloud, confirming solid medium-term bullishness. Traders should also monitor the CCI in extreme oversold territory. A breakout above -100 could trigger the next leg higher, as this technical indicator has plenty of upside potential. Can bulls regain control over the AUD/USD and push 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 breakout above the 0.6610 to 0.6660 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.6640
- Take Profit Zone: 0.6825 – 0.6880
- Stop Loss Level: 0.6585
Should price action for the AUD/USD break down below 0.6610, PaxForex the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.6585
- Take Profit Zone: 0.6460 – 0.6515
- Stop Loss Level: 0.6610
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
