Source: PaxForex Premium Analytics Portal, Fundamental Insight
Australian NAB Business Conditions for October were reported at 1 and Australian NAB Business Confidence at 5. Forex traders can compare this to NAB Business Conditions for September, reported at 0, and to Australian NAB Business Confidence, reported at -4. The UK Jobless Claims Change for October was reported at -28.8K. Economists predicted a figure of 50.0K. Forex traders can compare this to the UK Jobless Claims Change for September, reported at -40.2K.
The UK Employment Change for the tri-monthly period ending in September was reported at -164K, and the ILO Unemployment Rate was reported at 4.8%. Economists predicted a reading of -148K and 4.8%. Forex traders can compare this to the UK Employment Change for August, reported at -153K, and to the ILO Unemployment Rate, reported at 4.5%. Average Weekly Earnings for the tri-monthly period ending in September increased by 1.3% annualized, and Average Weekly Earnings Excluding Bonuses increased by 1.9% annualized. Economists predicted an increase of 1.0% and 1.5%. Forex traders can compare this to Average Weekly Earnings for August, which increased by 0.1%, and to Average Weekly Earnings Excluding Bonuses, which increased by 0.9%.
The forecast for the GBP/AUD remains bullish after price action reversed following a descend into its Ichimoku Kinko Hyo Cloud, which is now sloping higher. The Tenkan-sen and Kijun-sen entered a sideways trend, but the CCI exited extreme oversold territory, confirming an expansion of bullish momentum. UK and Australian data continues to improve from the Covid-19 pandemic lows, but can bulls force more upside into its next 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 1.8060 to 1.8120 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.8080
- Take Profit Zone: 1.8440 – 1.8525
- Stop Loss Level: 1.8000
Should price action for the GBP/AUD breakdown below 1.8060 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.8000
- Take Profit Zone: 1.7800– 1.7845
- Stop Loss Level: 1.8060
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
