US Initial Jobless Claims for the week of August 21st are predicted at 350K, and US Continuing Claims for the week of August 14th are predicted at 2,790K. Forex traders can compare this to US Initial Jobless Claims for the week of August 14th, reported at 348K, and to US Continuing Claims for the week of August 7th, reported at 2,820K.
The Advanced US GDP for the second quarter is predicted to increase by 6.7% annualized. Forex traders can compare this to the first-quarter GDP, which increased 6.3% annualized. The GDP Price Index for the second quarter is predicted to increase by 6.0% annualized. Forex traders can compare this to the first quarter GDP Price Index, which increased 4.1% annualized. The Core PCE for the second quarter is predicted to increase by 6.1% annualized. Forex traders can compare this to the first quarter Core PCE, which increased by 2.7% annualized.
The forecast for the AUD/USD remains bearish after this currency pair briefly interrupted its sell-off. Price action drifted higher, and the Kijun-sen turned sideways, but the Tenkan-sen maintains its downtrend. The descending Ichimoku Kinko Hyo Cloud adds to selling pressure. Traders should prepare for a minor increase in volatility after the CCI accelerated out of extreme oversold territory. A reversal is likely to follow and reignite the bearish trend.
Should price action for the AUD/USD remain inside the or breakdown below the 0.7235 to 0.7280 zone, recommend the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.7260
- Take Profit Zone: 0.6980 – 0.7040
- Stop Loss Level: 0.7320
Should price action for the AUD/USD breakout above 0.7280, recommend the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.7320
- Take Profit Zone: 0.7400 – 0.7450
- Stop Loss Level: 0.7280
NZD/USD | New Zealand Dollar to US Dollar Trading Analysis
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