Here are the key factors to keep in mind today for Australian Dollar trades:
- Australian Private Sector Credit: Australian Private Sector Credit for November increased by 0.3% monthly and by 4.4% annualized. Economists predicted an increase of 0.3% monthly and of 4.4% annualized. Forex traders can compare this to Australian Private Sector Credit for October which increased by 0.4% monthly and by 4.6% annualized.
- Chinese PMI: The Chinese Non-Manufacturing PMI for December was reported at 53.8 and the Chinese Manufacturing PMI at 49.4. Economists predicted a figure of 53.2 and of 50.0 Forex traders can compare this to the Chinese Non-Manufacturing PMI for November which was reported at 53.4 and to the Chinese Manufacturing PMI which was reported at 50.0. The Chinese Composite PMI for December was reported at 52.6. Forex traders can compare this to the Chinese Composite PMI for November which was reported at 52.8.
Here is the key factor to keep in mind today for Swiss Franc trades:
- Swiss Total Sight Deposits and Swiss Domestic Sight Deposits: Swiss Total Sight Deposits for the week of December 28th were reported at CHF574.2B and Swiss Domestic Sight Deposits were reported at CHF479.0B. Forex traders can compare this to Swiss Total Sight Deposits for the week of December 21st which were reported at CHF575.5B and to Swiss Domestic Sight Deposits which were reported at CHF474.5B.
Should price action for the AUDCHF remain inside the or breakout above the 0.6940 to 0.6990 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.6960
- Take Profit Zone: 0.7195 – 0.7260
- Stop Loss Level: 0.6875
Should price action for the AUDCHF breakdown below 0.6940 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.6925
- Take Profit Zone: 0.6725 – 0.6760
- Stop Loss Level: 0.6960
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
