Source: PaxForex Premium Analytics Portal, Fundamental Insight
The US House Price Index for June is predicted to increase by 0.2% monthly. Forex traders can compare this to the US House Price Index for May, which was flat at 0.0% monthly.
The US S&P/Case-Shiller Composite 20 for June is predicted to rise by 6.20% annualized. Forex traders can compare this to the US S&P/Case-Shiller Composite 20 for May, which rose 6.80% annualized.
US Consumer Confidence for August is predicted at 100.9. Forex traders can compare this to US Consumer Confidence for July, reported at 100.3.
The US Richmond Fed Manufacturing Index for August is predicted at -14. Forex traders can compare this to the US Richmond Fed Manufacturing Index for July, reported at -17.
The forecast for the Dow Jones 30 Index turned cautiously bearish after this equity index recovered from the early August sell-off and has now reached its horizontal resistance area, where a double top formed. The Tenkan-sen has moved higher after completing a bullish crossover, but the Kijun-sen is flat, suggesting weak upside momentum. The Senkou Span A of the Ichimoku Kinko Hyo Cloud completed a bearish crossover below the Senkou Span B, and the narrow Ichimoku Kinko Hyo Cloud points towards more volatility ahead. Traders should also monitor the CCI after recording a lower high in extreme overbought territory, followed by a breakdown. This technical indicator has plenty of downside potential to lead price action lower. Can bears regain control over the Dow Jones 30 Index and push this equity index 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 Dow Jones 30 Index remain inside the or breakdown below the 41,135 to 41,425 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 41.225
- Take Profit Zone: 39.335 – 39.715
- Stop Loss Level: 41.625
Should price action for the Dow Jones 30 Index break out above 41,425, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 41.625
- Take Profit Zone: 41.840 – 42.050
- Stop Loss Level: 41.425
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
