Here are the key factors to keep in mind today for Australian Dollar trades:
- Chinese PMI: The Chinese Non-Manufacturing PMI for August was reported at 54.2 and the Chinese Manufacturing PMI at 51.3. Economists predicted a figure of 53.7 and of 51.0 Forex traders can compare this to the Chinese Non-Manufacturing PMI for July which was reported at 54.0 and to the Chinese Manufacturing PMI which was reported at 51.2. The Chinese Composite PMI for August was reported at 53.8. Forex traders can compare this to the Chinese Composite PMI for July which was reported at 53.6.
- Australian Private Sector Credit: Australian Private Sector Credit for July increased by 0.4% 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 June which increased by 0.3% monthly and by 4.5% annualized.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese Jobless Rate and Job-to-Applicant Ratio: The Japanese Jobless Rate for July was reported at 2.5% and the Job-to-Applicant Ratio at 1.63. Economists predicted a figure of 2.4% and of 1.63. Forex traders can compare this to the Japanese Jobless Rate for June which was reported at 2.4% and to the Job-to-Applicant Ratio which was reported at 1.62.
- Japanese Industrial Production: Preliminary Japanese Industrial Production for July decreased by 0.1% monthly and increased by 2.3% annualized. Economists predicted an increase of 0.2% monthly and of 2.7% annualized. Forex traders can compare this to Japanese Industrial Production for June which decreased by 1.8% monthly and by 0.9% annualized.
- Japanese Vehicle Production: Japanese Vehicle Production for June decreased by 4.4% annualized. Forex traders can compare this to Japanese Production Sales for May which increased by 4.6% annualized.
- Japanese Housing Starts and Construction Orders: Japanese Housing Starts for July decreased by 0.7% annualized to 0.958M units. Economists predicted a decrease of 4.3% annualized to 0.924M units. Forex traders can compare this to Japanese Housing Starts for June which decreased by 7.1% annualized to 0.915M units. Construction Orders for July decreased by 9.3% annualized. Forex traders can compare this to Construction Orders for June which decreased by 6.5% annualized.
Should price action for the AUDJPY remain inside the or breakout above the 80.100 to 80.650 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 80.200
- Take Profit Zone: 83.650– 83.900
- Stop Loss Level: 79.700
Should price action for the AUDJPY breakdown below 80.100 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 79.850
- Take Profit Zone: 76.850 – 77.550
- Stop Loss Level: 80.300
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