Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Australian Employment Change for October was reported at -46.3K. Economists predicted a figure of 50.0K. Forex traders can compare this to the Australian Employment Change for September, reported at -138.0K. The Unemployment Rate for October was reported at 5.2%. Economists predicted a reading of 4.8%. Forex traders can compare this to the Unemployment Rate for September, reported at 4.6%. 40.4K Full-Time Positions and 5.9K Part-Time Positions were lost in October. Forex traders can compare this to the creation of 25.1K Full-Time Positions and the loss of 166.2K Part-Time Positions, reported in September. The Labor Force Participation Rate for October was reported at 64.7%. Economists predicted a reading of 64.9%. Forex traders can compare this to the Labor Force Participation Rate for September, reported at 64.5%.
The UK Preliminary GDP for September is predicted to increase 0.4% monthly. Forex traders can compare this to the UK GDP for August, which increased 0.4% monthly. The UK Preliminary GDP for the third quarter is predicted to increase 1.5% quarterly and 6.8% annualized. Forex traders can compare this to the second-quarter GDP, which increased 5.5% quarterly and 23.6% annualized.
UK Construction Output Seasonally Adjusted for September is predicted to increase 0.2% monthly and 6.9% annualized. Forex traders can compare this to UK Construction Output Seasonally Adjusted for August, which decreased 0.2% monthly and increased 10.1% annualized.
UK Industrial Production for September is predicted to increase 0.2% monthly and 3.1% annualized. Forex traders can compare this to UK Industrial Production for August, which increased 0.8% monthly and 3.7% annualized. UK Manufacturing Production for September is predicted to increase 0.2% monthly and 3.1% annualized. Forex traders can compare this to UK Manufacturing Production for August, which increased 0.5% monthly and 4.1% annualized.
The UK Total Trade Balance for September is predicted at -£14.300B. Forex traders can compare this to the UK Total Trade Balance for August, reported at -£14.930B.
The forecast for the GBP/AUD turned bullish after price action stabilized at its horizontal support area and reversed direction. Short-term volatility is likely to increase with the Kijun-sen trending lower, but the Tenkan-sen turned flat. The Ichimoku Kinko Hyo Cloud maintains longer-term bearish pressures but is likely to turn sideways amid underlying fundamental changes. Adding to bullish pressures is the breakout in the CCI out of extreme oversold territory with more upside ahead. Can bulls regain control and force the GBP/AUD 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 GBP/AUD remain inside the or breakout above the 1.8275 to 1.8400 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.8360
- Take Profit Zone: : 1.8745 – 1.8840
- Stop Loss Level:1.8180
Should price action for the GBP/AUD breakdown below 1.8275, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.8180
- Take Profit Zone: 1.7950 – 1.8000
- Stop Loss Level: 1.8275
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