Here are the key factors to keep in mind today for Australian Dollar trades:
- Australian Consumer Inflation Expectations: Australian Consumer Inflation Expectations for August increased by 4.0% annualized. Forex traders can compare this to Australian Consumer Inflation Expectations for July which increased by 3.9% annualized.
- Australian Employment Report: The Australian Employment Change for July was reported at -3.9K. Economists predicted a figure of 15.0K. Forex traders can compare this to the Australian Employment Change for June which was reported at 58.2K. The Unemployment Rate for July was reported at 5.3%. Economists predicted a reading of 5.4%. Forex traders can compare this to the Unemployment Rate for June which was reported at 5.4%. 19.3K Full-Time Positions were created and 23.2K Part-Time Positions were lost in July. Forex traders can compare this to the creation of 43.2K Full-Time Positions and the creation of 15.0K Part-Time Positions which were reported in June. The Labor Force Participation Rate for July was reported at 65.5%. Economists predicted a reading of 65.7%. Forex traders can compare this to the Labor Force Participation Rate for June which was reported at 65.7%.
Here are the key factors to keep in mind today for US Dollar trades:
- US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of August 11th are predicted at 215K and US Continuing Claims for the week of August 4th are predicted at 1,741K. Forex traders can compare this to US Initial Jobless Claims for the week of August 4th which were reported at 213K and to US Continuing Claims for the week of July 28th which were reported at 1,755K.
- US Housing Starts and Building Permits: US Housing Starts for July are predicted to increase by 7.4% monthly to 1,260K starts and Building Permits are predicted to increase by 1.4% monthly to 1,310K permits. Forex traders can compare this to US Housing Starts for June which decreased by 12.3% monthly to 1,173K starts and to Building Permits which decreased by 2.2% monthly to 1,273K permits.
- US Philadelphia Fed Business Outlook: The Philadelphia Fed Business Outlook for August is predicted at 22.0. Forex traders can compare this to the Philadelphia Fed Business Outlook for July which was reported at 25.7.
Should price action for the AUDUSD remain inside the or breakout above the 0.7215 to 0.7280 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.7265
- Take Profit Zone: 0.7610 – 0.7675
- Stop Loss Level: 0.7200
Should price action for the AUDUSD breakdown below 0.7200 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.7170
- Take Profit Zone: 0.6825 – 0.6970
- Stop Loss Level: 0.7265
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
