AUD/USD: TECHNICAL AND FUNDAMENTAL ANALYSIS | AUSTRALIAN LONG 🔔

Australian Consumer Inflation Expectations for May increased by 3.5% annualized. Forex traders can compare this to Australian Consumer Inflation Expectations for April, which increased by 3.2% annualized.

The Australian Employment Change for April was reported at -30.6K. Economists predicted a figure of 15.0K. Forex traders can compare this to the Australian Employment Change for March, reported at 77.0K. The Unemployment Rate for April was reported at 5.5%. Economists predicted a reading of 5.6%. Forex traders can compare this to the Unemployment Rate for March, reported at 5.7%. 33.8K Full-Time Positions were created, and 64.4K Part-Time Positions were lost, in April. Forex traders can compare this to the loss of 21.1K Full-Time Positions and the creation of 98.1K Part-Time Positions, reported in March. The Labor Force Participation Rate for April was reported at 66.0%. Economists predicted a reading of 66.3%. Forex traders can compare this to the Labor Force Participation Rate for March, reported at 66.3%.

US Initial Jobless Claims for the week of May 15th are predicted at 450K, and US Continuing Claims for the week of May 8th are predicted at 3,640K. Forex traders can compare this to US Initial Jobless Claims for the week of May 8th, reported at 473K, and to US Continuing Claims for the week of May 1st, reported at 3,655K. The Philadelphia Fed Manufacturing Index for May is predicted at 43.0. Forex traders can compare this to the Philadelphia Fed Manufacturing Index for April, reported at 50.2.

The forecast for the AUD/USD turned temporarily bullish. With risk-off sentiment on the rise and economic conditions deteriorating in the US, traders should prepare for more US Dollar weakness.

Our Technical Analysis show the formation of HArmonic Gartley Pattern.

Can bulls force the AUD/USD into its next horizontal resistance area?