Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Australian Westpac Leading Index for September decreased by 0.5% monthly. Forex traders can compare this to the Australian Westpac Leading Index for August, which rose 2.8%.
Australian Building Approvals for July surged 10.4% monthly, and Private House Approvals rose 0.6% monthly. Economists predicted a rise of 10.4% and 0.6%. Forex traders can compare this to Australian Building Approvals for June, which dropped 6.4% monthly, and Private House Approvals, which decreased 0.5% monthly.
Australian NAB Business Conditions for August came in at 3, and Australian NAB Business Confidence at -4. Forex traders can compare this to NAB Business Conditions for July, reported at 6, and Australian NAB Business Confidence at 1.
The Chinese Trade Balance for August came in at $91.02B. Economists predicted a figure of $81.40B. Forex traders can compare this to the Chinese Trade Balance for July, reported at $84.65B. Exports for August surged by 8.7% annualized, and Imports rose by 0.5% annualized. Economists predicted an increase of 6.5% and 2.0%. Forex traders can compare this to Exports for July, which accelerated by 7.0% annualized, and Imports, which increased by 7.2% annualized.
The UK Jobless Claims Change for August came in at 23.7K. Economists predicted a figure of 95.5K. Forex traders can compare this to the UK Jobless Claims Change for July, reported at 102.3K.
The UK Employment Change for the tri-monthly period ending in July came in at 265K. Economists predicted a reading of 115K. Forex traders can compare this to the UK Employment Change for June, reported at 97K. Average Weekly Earnings for the tri-monthly period ending in July increased 4.0% annualized, and Average Weekly Earnings Excluding Bonuses rose 5.1% annualized. Economists predicted a rise of 4.1% and 5.1%. Forex traders can compare this to Average Weekly Earnings for June, which rose 4.6%, and Average Weekly Earnings Excluding Bonuses, which increased 5.4%.
The forecast for the GBP/AUD turned bearish after this currency pair advanced into its horizontal resistance area. A bearish crossover between the descending Kijun-sen and the flat Tenkan-sen adds downside pressure. The Senkou Span A and the Senkou Span B of the Ichimoku Kinko Hyo Cloud are flat and narrow, leaving them vulnerable to a bearish crossover. Traders should also monitor the CCI in extreme overbought territory. A breakdown below 100 could spark the next sell-off. Can bears regain control over the GBP/AUD and force 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 GBP/AUD remain inside the or breakdown below the 1.9580 to 1.9650 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: SHort Position
- Entry Level: Short Position @ 1.9600
- Take Profit Zone: : 1.9120 – 1.9190
- Stop Loss Level:1.9695
Should price action for the GBP/AUD break out above 1.9650, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.9695
- Take Profit Zone: 1.9760 – 1.9800
- Stop Loss Level: 1.9650
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
