Source: PaxForex Premium Analytics Portal, Fundamental Insight
US Initial Jobless Claims for the week of August 3rd are predicted at 240K, and US Continuing Claims for the week of July 27th at 1,870K. Forex traders can compare this to US Initial Jobless Claims for the week of July 27th, reported at 249K, and US Continuing Claims for the week of July 20th, reported at 1,877K.
US Final Wholesale Inventories for June are predicted to increase by 0.2% monthly. Forex traders can compare this to US Wholesale Inventories for May, which rose 0.2% monthly.
US Natural Gas Inventories for the week ending August 2nd are predicted to increase by 22B cubic feet. Traders can compare this to US Natural Gas Inventories for the week ending July 26th, which rose by 18B cubic feet.
The forecast for the NASDAQ100 is cautiously bearish after this tech-heavy equity index dropped below its narrowing Ichimoku Kinko Hyo Cloud. The downward-shifting Senkou Span A of the Ichimoku Kinko Hyo Cloud has the momentum to complete a bearish crossover below the flat Senkou Span B, which could trigger more selling. The Tenkan-sen and the Kijun-sen have flatlined following a bearish crossover, suggesting more short-term volatility ahead. Traders should also monitor the CCI in exteme oversold territory. This technical indicator may attempt a false breakout before resuming its move lower. Can bears maintain control over the NASDAQ100 and pressure price action deeper into correction territory toward a bear market? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
Should price action for the NASDAQ100 Index remain inside the or breakdown below the 17,740 to 17,960 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 17.840
- Take Profit Zone: 16.575 – 16.825
- Stop Loss Level: 18.030
Should price action for the NASDAQ100 Index break out above 17,960, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 18.030
- Take Profit Zone: 18.420 – 18.555
- Stop Loss Level: 17.960
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