Here are the key factors to keep in mind today for Australian Dollar trades:
- Australian NAB Business Confidence: Australian NAB Business Confidence for the second-quarter was reported at 7. Forex traders can compare this to Australian NAB Business Confidence for the first-quarter which was reported at 8.
- Australian Employment Report: The Australian Employment Change for June was reported at 50.9K. Economists predicted a figure of 16.5K. Forex traders can compare this to the Australian Employment Change for May which was reported at 13.4K. The Unemployment Rate for June was reported at 5.4%. Economists predicted a reading of 5.4%. Forex traders can compare this to the Unemployment Rate for May which was reported at 5.4%. 41.2K Full-Time Positions and 9.7K Part-Time Positions were created in June. Forex traders can compare this to the loss of 19.9K Full-Time Positions and the creation of 32.6K Part-Time Positions which were reported in May. The Labor Force Participation Rate for June was reported at 65.7%. Economists predicted a reading of 65.5%. Forex traders can compare this to the Labor Force Participation Rate for May which was reported at 65.5%.
Here is the key factor to keep in mind today for Japanese Yen trades:
- Japanese Trade Balance: The Japanese Trade Balance for June was reported at ¥721.4B. Economists predicted a figure of ¥531.2B. Forex traders can compare this to the Japanese Trade Balance for May which was reported at -¥578.3B. The Japanese Adjusted Trade Balance for June was reported at ¥66.2B. Economists predicted a figure of ¥155.0B. Forex traders can compare this to the Japanese Adjusted Trade Balance for May which was reported at -¥296.8B. Exports for June increased by 6.7% annualized and Imports increased by 2.5% annualized. Economists predicted an increase of 7.0% and of 5.3%. Forex traders can compare this to Exports for May which increased by 8.1% annualized and to Imports which increased by 14.0% annualized.
Should price action for the AUDJPY remain inside the or breakdown below the 83.400 to 83.900 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 83.550
- Take Profit Zone: 80.650 – 81.000
- Stop Loss Level: 84.500
Should price action for the AUDJPY breakout above 83.900 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 84.150
- Take Profit Zone: 85.000 – 85.550
- Stop Loss Level: 83.550
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
