The US S&P/Case-Shiller Composite 20 for July is predicted to increase 1.70% monthly and 20.00% annualized. Forex traders can compare this to the US S&P/Case-Shiller Composite 20 for June, which increased 1.80% monthly and 19.10% annualized. US Consumer Confidence for September is predicted at 114.5. Forex traders can compare this to US Consumer Confidence for August, reported at 113.8.
The forecast for the AUD/USD turned bullish after this currency pair reversed its correction with a higher low. Price action moved back into its Ichimoku Kinko Hyo Cloud, but volatility is expected to increase due to a moderately bearish stance. Adding to upside pressures is the ascending Kijun-sen, while the Tenkan-sen remains flat. The breakout of the CCI out of extreme oversold territory fuels bullish momentum.
Should price action for the AUD/USD remain inside the or breakout above the 0.7280 to 0.7340 zone, recommend the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.7300
- Take Profit Zone: 0.7535 – 0.7600
- Stop Loss Level: 0.7215
Should price action for the AUD/USD breakdown below 0.7280, recommend the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.7215
- Take Profit Zone: 0.7100 – 0.7140
- Stop Loss Level: 0.7280
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