Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Final US S&P Global Manufacturing PMI for April is predicted at 50.4. Forex traders can compare this to the US S&P Global Manufacturing PMI for March, reported at 49.2.
US Initial Jobless Claims for the week of September 9th are predicted at 225K, and US Continuing Claims for the week of September 2nd at 1,695K. Forex traders can compare this to US Initial Jobless Claims for the week of September 2nd, reported at 216K, and US Continuing Claims for the week of August 26th at 1,679K.
The US PPI for August is predicted to rise by 0.4% monthly and 1.2% annualized. Forex traders can compare this to the US PPI for July, which increased by 0.3% monthly and 0.8% annualized. The US Core PPI for August is predicted to expand by 0.2% monthly and by 2.2% annualized. Forex traders can compare this to the US Core PPI for July, which increased by 0.3% monthly and 2.4% annualized.
US Retail Sales for August are predicted to increase by 0.2% monthly and Core Retail Sales by 0.4% monthly. Forex traders can compare this to US Retail Sales for July, which rose by 0.7% monthly and Core Retail Sales by 1.0% monthly. Retail Sales Less Autos and Gas for August are predicted to increase by 0.5% monthly. Forex traders can compare this to Retail Sales Less Autos and Gas for July, which increased by 1.0% monthly.
US Business Inventories for July are predicted to increase by 0.1% monthly. Forex traders can compare this to US Business Inventories for June, which were flat at 0.0% monthly.
US Natural Gas Inventories for the week ending September 8th are predicted at 48B cubic feet. Traders can compare this to US Natural Gas Inventories for the week ending September 1st, reported at 33B cubic feet.
The forecast for the US30 remains cautiously bearish after this US equity index trades at a horizontal resistance area and inside of its narrowing Ichimoku Kinko Hyo Cloud. A pending bearish crossover by the Senkou Span A below the Senkou Span B could provide enough downside pressure to resume the correction that began at the start of August. Volatility could rise with the Tenkan-sen and the Kijun-sen flat, following a bearish crossover on the D1 chart. Traders should also monitor the CCI after it has moved below zero. This technical indicator has plenty of downside potential and a bearish bias. Can bears regain control over the US30 and pressure 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 Dow Jones 30 Index remain inside the or breakdown below the 34,510 to 34,770 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 34.640
- Take Profit Zone: 33.610 – 33.820
- Stop Loss Level: 34.855
Should price action for the Dow Jones 30 Index breakout above 34,770, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 34.855
- Take Profit Zone: 35.010 – 35.130
- Stop Loss Level: 34.770
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