Here are the key factors to keep in mind today for Australian Dollar trades:
- Australian AiG Performance of Construction Index: The Australian AiG Performance of Construction Index for April was reported at 42.6. Forex traders can compare this to the Australian AiG Performance of Construction Index for March which was reported at 45.6.
- Australian ANZ Roy Morgan Weekly Consumer Confidence Index: The Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of May 5th was reported at 117.3. Forex traders can compare this to the Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of April 28th which was reported at 117.6.
- Australian Trade Balance: The Australian Trade Balance for March was reported at A$4,949M. Economists predicted a figure of A$4,480M. Forex traders can compare this to the Australian Trade Balance for February which was reported at A$5,140M.
- Australian Retail Sales: Australian Retail Sales for March increased by 0.3% monthly. Economists predicted an increase of 0.2% monthly. Forex traders can compare this to Australian Retail Sales for February which increased by 0.9% monthly. Australian Retail Sales excluding Inflation for the first-quarter decreased by 0.1% quarterly. Economists predicted an increase of 0.3% quarterly. Forex traders can compare this to Australian Retail Sales excluding Inflation for the fourth-quarter which increased by 0.12% quarterly.
- Australian RBA Interest Rate Decision: The Australian RBA kept interest rates at 1.50%. Economists predicted an interest rate cut of 25 basis points to 1.25%. Forex traders can compare this to the previous Australian RBA Interest Rate Decision where interest rates were left unchanged at 1.50%.
- Australian Foreign Reserves: Australian Foreign Reserves for April were reported at A$75.7B. Forex traders can compare this to Australian Foreign Reserves for March which were reported at A$77.1B.
Here is the key factor to keep in mind today for Japanese Yen trades:
- Japanese Nikkei Manufacturing PMI: The Final Japanese Nikkei Manufacturing PMI for April was reported at 50.2. Forex traders can compare this to the previous Japanese Nikkei Manufacturing PMI April which was reported at 49.5.
Should price action for the AUDJPY remain inside the or breakout above the 77.650 to 78.150 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 77.850
- Take Profit Zone: 79.800– 80.700
- Stop Loss Level: 77.400
Should price action for the AUDJPY breakdown below 77.650 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 77.450
- Take Profit Zone: 75.250 – 75.950
- Stop Loss Level: 77.850
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
