Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Australian Employment Change for June came in at 50.2K, and the Unemployment Rate at 4.1%. Economists predicted a figure of 19.9K and 4.0%. Forex traders can compare this to the Australian Employment Change for May, reported at 39.5K, and the Unemployment Rate reported at 4.0%. 43.3K Full-Time Positions and 6.8K Part-Time Positions were created in June. Forex traders can compare this to the creation of 41.3K Full-Time Positions and the loss of 1.9K Part-Time Positions reported in May. The Labor Force Participation Rate for June came in at 66.9%. Economists predicted a reading of 66.8%. Forex traders can compare this to the Labor Force Participation Rate for May, reported at 66.8%.
Australian NAB Business Confidence for the second quarter came in at -1. Forex traders can compare this to Australian NAB Business Confidence for the first quarter, reported at -2.
The UK Jobless Claims Change for June came in at 32.3K. Economists predicted a figure of 23.4K. Forex traders can compare this to the UK Jobless Claims Change for May, reported at 51.9K.
The UK Employment Change for the tri-monthly period ending in May came in at 19K, and the ILO Unemployment Rate at 4.4%. Economists predicted a reading of 18K and 4.4%. Forex traders can compare this to the UK Employment Change for April, reported at -140K, and to the ILO Unemployment Rate, reported at 4.4%. Average Weekly Earnings for the tri-monthly period ending in May increased 5.7% annualized, and Average Weekly Earnings Excluding Bonuses rose 5.7%. Economists predicted a rise of 5.7% and 5.7%. Forex traders can compare this to Average Weekly Earnings for April, which rose 5.9%, and to Average Weekly Earnings Excluding Bonuses, which increased 6.0%.
The forecast for the GBP/AUD turned bearish after this currency pair rallied into its horizontal resistance area. The Tenkan-sen and the Kijun-sen drift higher following a bullish crossover, but the Senkou Span A and the Senkou Span B of the Ichimoku Kinko Hyo Cloud are flat with a gradual shift lower. Short-term volatility could increase with bulls and bears fighting for control over price action. Traders should also monitor the CCI in extreme overbought territory with a downward trend after recording a lower high. A breakdown below 100 could trigger the next sell-off, as this technical indicator has plenty of downside potential. Can bears overpower bulls and force the GBP/AUD 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 GBP/AUD remain inside the or breakdown below the 1.9280 to 1.9330 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.9300
- Take Profit Zone: : 1.8960 – 1.9025
- Stop Loss Level:1.9360
Should price action for the GBP/AUD break out above 1.9330, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.9360
- Take Profit Zone: 1.9455 – 1.9480
- Stop Loss Level: 1.9330
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