Here are the key factors to keep in mind today for Australian Dollar trades:

• Australian Private Capital Expenditure: Australian Private Capital Expenditure for the first-quarter decreased by 1.7% quarterly. Economists predicted an increase of 0.4% quarterly. Forex traders can compare this to Australian Private Capital Expenditure for the fourth-quarter which increased by 1.3% quarterly.
• Australian Building Approvals: Australian Building Approvals for April decreased by 4.7% monthly and by 24.2% annualized. Economists predicted a flat reading of0.0% monthly and a decrease of 22.4% annualized. Forex traders can compare this to Australian Building Approvals for March which decreased by 13.4% monthly and by 25.4% annualized.

Here are the key factors to keep in mind today for US Dollar trades:

• US GDP: The Advanced US GDP for the first-quarter is predicted to increase by 3.1% annualized. Forex traders can compare this to the previous first-quarter GDP which increased by 3.2% annualized. Personal Consumption for the first-quarter is predicted to increase by 1.2% annualized. Forex traders can compare this to previous first-quarter Personal Consumption which increased by 1.2% annualized. The GDP Price Index for the first-quarter is predicted to increase by 0.9% annualized. Forex traders can compare this to the previous first-quarter GDP Price Index which increased by 0.9% annualized. The Core PCE for the first-quarter is predicted to increase by 1.3% annualized. Forex traders can compare this to the previous first-quarter Core PCE which increased by 1.3% annualized.
• US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of May 25th are predicted at 214K and US Continuing Claims for the week of May 18th are predicted at 1,662K. Forex traders can compare this to US Initial Jobless Claims for the week of May 18th which were reported at 211K and to US Continuing Claims for the week of May 11th which were reported at 1,676K.
• US Advanced Goods Trade Balance: The US Advanced Goods Trade Balance for April is predicted at -$72.3B. Forex traders can compare this to the US Advanced Goods Trade Balance for March which was reported at -$71.4B.
• US Inventories: US Preliminary Wholesale Inventories for April are predicted to increase by 0.1% monthly and US Preliminary Retail Inventories are predicted to increase by 0.2% monthly. Forex traders can compare this to US Wholesale Inventories for March which decreased by 0.1% monthly and to US Retail Inventories which decreased by 0.3% monthly.
• US Pending Home Sales: US Pending Home Sales for April are predicted to increase by 0.5% monthly and to decrease by 0.2% annualized. Forex traders can compare this to US Pending Home Sales for March which increased by 3.8% monthly and which decreased by 3.2% annualized.

Should price action for the AUDUSD remain inside the or breakout above the 0.6905 to 0.6955 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 0.6930
• Take Profit Zone: 0.7065 – 0.7125
• Stop Loss Level: 0.6880

Should price action for the AUDUSD breakdown below 0.6905 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 0.6880
• Take Profit Zone: 0.6640 – 0.6725
• Stop Loss Level: 0.6905

Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.