Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Japanese Trade Balance for September came in at -¥2,094.0B, and the Japanese Adjusted Trade Balance at -¥2.01T. Forex traders can compare this to the Japanese Trade Balance for August, reported at -¥2,820.0B, and the Japanese Adjusted Trade Balance at -¥2.34T. Exports for September surged by 28.9% annualized and Imports by 45.9% annualized. Economists predicted a rise of 27.1% and 45.0%. Forex traders can compare this to Exports for August, which rose 22.0% annualized, and Imports which sky-rocketed 49.9% annualized.
Foreign Buying of Japanese Bonds for the period ending October 15th came in at ¥389.9B, and Foreigners Buying of Japanese Stocks at ¥408.8B. Forex traders can compare this to Foreign Buying of Japanese Bonds for the period ending October 8th, reported at -¥1,698.2B, and to Foreigners Buying of Japanese Stocks at ¥1,392.8B.
The Australian Employment Change for September came in at 0.9K, and the Unemployment Rate at 3.5%. Economists predicted a figure of 25.0K and 3.5%. Forex traders can compare this to the Australian Employment Change for August, reported at 36.3K, and the Unemployment Rate reported at 3.9%. 13.3K Full-Time Positions were created, and 12.4K Part-Time Positions were lost, in September. Forex traders can compare this to the creation of 55.0K Full-Time Positions and the loss of 18.7K Part-Time Positions reported in August. The Labor Force Participation Rate for September came in at 66.6%. Economists predicted a reading of 66.6%. Forex traders can compare this to the August Labor Force Participation Rate, reported at 66.6%.
The Chinese 1-Year Loan Prime Rate for October stood at 3.65%, and the Chinese 5-Year Loan Prime Rate was 4.30%. Economists predicted a figure of 3.65% and 4.30%. Forex traders can compare this to the previous Chinese 1-Year Loan Prime Rate for September, reported at 3.65% and to the Chinese 5-Year Loan Prime Rate reported at 4.30%.
The German PPI for September is predicted to rise 1.3% monthly and 44.7% annualized. Forex traders can compare this to the German PPI for August, which increases by 7.9% monthly and 45.8% annualized.
The French Business Survey for October is predicted at 101. Forex traders can compare this to the French Business Survey for September, reported at 102.
The Eurozone Current Account (s.a) for August is predicted at -€20.3B. Forex traders can compare this to the Eurozone Current Account (s.a.) for July, reported at €19.9B.
US Initial Jobless Claims for the week of October 15th are predicted at 230K, and US Continuing Claims for the week of October 8th are predicted at 1,375K. Forex traders can compare this to US Initial Jobless Claims for the week of October 8th, reported at 228K, and US Continuing Claims for the week of October 1st, reported at 1,368K.
The Philadelphia Fed Manufacturing Index for October is predicted at -5.0. Forex traders can compare this to the Philadelphia Fed Manufacturing Index for September, reported at -9.9. Traders should focus on the CAPEX, Prices Paid, New Orders, and Employment sub-components.
US Existing Home Sales for September are predicted at 4.70M. Forex traders can compare this to US Existing Home Sales for August, reported at 4.80M. The US Leading Index for September is predicted to decrease by 0.3% monthly. Forex traders can compare this to the US Leading Index for August, which dropped 0.3% monthly.
The forecast for gold turned cautiously bullish after price action stabilized at its horizontal support area, and it currently attempts to hold on to a higher low. Confirming the absence of short-term bearishness is the flat Ichimoku Kinko Hyo Cloud and the Kijun-sen. Volatility could increase with the Tenkan-sen moving lower following a bearish crossover. Traders should monitor the CCI after it has reached extreme oversold territory. A breakout above -100 could trigger a short-covering rally. Can bulls overcome bearish pressures and guide gold into its horizontal resistance area? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
Should price action for XAU/USD remain inside the or breakout above the 1,614.70 to 1,642.35 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,634.50
- Take Profit Zone: 1,729.30 – 1,745.40
- Stop Loss Level: 1,599.40
Should price action for XAU/USD breakdown below 1,614.70, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,599.40
- Take Profit Zone: 1,560.70 – 1,577.20
- Stop Loss Level: 1,614.70
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