Source: PaxForex Premium Analytics Portal, Fundamental Insight
The US ADP Employment Change for August is predicted at 144K. Forex traders can compare this to the US ADP Employment Change for July, reported at 122K.
US Initial Jobless Claims for the week of August 26th are predicted at 231K, and US Continuing Claims for the week of August 19th at 1,870K. Forex traders can compare this to US Initial Jobless Claims for the week of August 19th, reported at 231K, and US Continuing Claims for the week of August 12th, reported at 1,868K.
Preliminary US Non-Farm Productivity for the second quarter is predicted to increase by 2.3% quarterly, and Unit Labor Costs to rise by 0.9% quarterly. Forex traders can compare this to US Non-Farm Productivity for the first quarter, which expanded 0.2% quarterly, and Unit Labor Costs, which surged 4.0% quarterly.
The Preliminary US S&P Global Manufacturing PMI for July is predicted at 54.1, and the Preliminary US S&P Global Services PMI at 55.2. Forex traders can compare this to the US S&P Global Manufacturing PMI for June, reported at 54.3, and the US S&P Global Services PMI, reported at 55.0.
The US ISM Non-Manufacturing PMI for August is predicted at 51.3. Forex traders can compare this to the US ISM Non-Manufacturing PMI for July, reported at 51.4. Traders should focus on the sub-components of business activity, employment, new orders, and prices.
US Natural Gas Inventories for the week ending August 30th are predicted to increase by 26B cubic feet. Traders can compare this to US Natural Gas Inventories for the week ending August 23rd, which rose by 35B cubic feet.
US Crude Oil Inventories Change for the week ending August 30th are predicted to drop by 0.600M. Traders can compare this to US Crude Oil Inventories Change for the week ending August 23rd, which decreased by 0.846M. US Gasoline Inventories Change for the week ending August 30th are predicted to contract by 0.800M, and US Distillate Stocks Change to increase by 0.710M. Traders can compare this to US Gasoline Inventories Change for the week ending August 23rd, which dropped by 2.203M, and US Distillate Stocks Change, which rose by 0.275M.
The forecast for the NASDAQ100 remains bearish after the downward-shifting Ichimoku Kinko Hyo Cloud rejected price action. This equity index trades below its descending Tenkan-sen and above its flat Kijun-sen, with increasing selling pressure. The ascending Senkou Span A of the Ichimoku Kinko Hyo Cloud could perform a false bullish crossover above the flat Senkou Span B before resuming its downtrend. Traders should also monitor the CCI in extreme oversold territory. This technical indicator could remain below -100 for several weeks with the likelihood of false breakouts. Can bears maintain control over the NASDAQ100 and force price action into its horizontal support area and fresh 2024 lows? 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 18,720 to 19,020 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 18.900
- Take Profit Zone: 17.245 – 17.645
- Stop Loss Level: 19.250
Should price action for the NASDAQ100 Index break out above 19,020, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 19.250
- Take Profit Zone: 19.610 – 19.945
- Stop Loss Level: 19.020
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