Source: PaxForex Premium Analytics Portal, Fundamental Insight
Australian Private Sector Credit for September increased by 0.1% monthly and by 2.0% annualized. Forex traders can compare this to Australian Private Sector Credit for August, which was reported flat at 0.0% monthly, and which increased by 2.2% annualized. Australian housing credit for September increased by 0.4% monthly. Forex traders can compare this to Australian housing credit for August, which increased by 0.2% monthly. The Australian PPI for the third quarter increased by 0.4% quarterly and decreased by 0.4% annualized. Forex traders can compare this to the Australian PPI for the second quarter, which decreased by 1.2% quarterly and by 0.4% annualized.
UK Nationwide House Prices for October increased by 0.8% monthly and by 51.8% annualized. Economists predicted an increase of 0.4% and 5.2%. Forex traders can compare this to UK Nationwide House Prices for September, which increased by 0.9% monthly and by 5.0% annualized.
The forecast for the GBP/AUD remains bullish after price action above its ascending Tenkan-sen. The move higher is also supported by its advancing Kijun-sen, and the narrow Ichimoku Kinko Hyo Cloud started to trend higher. The CCI moved out of extreme overbought conditions while maintaining a bullish bias and is expected to reverse its most recent slide. A bullish price channel formed, which can guide this currency pair higher. Will bulls capitalize on the trend and push the GBP/AUD 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 1.8325 to 1.8450 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.8385
- Take Profit Zone: 1.8975 – 1.9125
- Stop Loss Level: 1.8270
Should price action for the GBP/AUD breakdown below 1.8325 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.8270
- Take Profit Zone: 1.8025 – 1.8075
- Stop Loss Level: 1.8325
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.