Here is the key factor to keep in mind today for Australian Dollar trades:
- Australian Employment Report: The Australian Employment Change for July was reported at 26.2K. Economists predicted a figure of 10.0K. Forex traders can compare this to the Australian Employment Change for June which was reported at 10.8K. The Unemployment Rate for July was reported at 5.7%. Economists predicted a reading of 5.8%. Forex traders can compare this to the Unemployment Rate for June which was reported at 5.8%. 45.4K Full-Time Positions were lost in July and 71.6K Part-Time Positions were created. Forex traders can compare this to the creation of 44.0K Full-Time Positions and the loss of 33.2K Part-Time Positions which were created in June. The Labor Force Participation Rate for July was reported at 64.9%. Economists predicted a reading of 64.9%. Forex traders can compare this to the Labor Force Participation Rate for June which was reported at 64.9%.
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 13th are predicted at 265K and US Continuing Claims for the week of August 6th are predicted at 2,141K. Forex traders can compare this to US Initial Jobless Claims for the week of August 13th which were reported at 266K and US Continuing Claims for the week of July 30th which were reported at 2,155K.
- US Philadelphia Fed Index: The US Philadelphia Fed Index for August is predicted at 2.0. Forex traders can compare this to the US Philadelphia Fed Index for July which was reported at -2.9.
- US Leading Indicators: US Leading Indicators for July are predicted to increase by 0.3%. Forex traders can compare this to US Leading Indicators for June which increased by 0.3%.
Should price action for the AUDUSD remain inside the or breakdown below the 0.7675to 0.7725 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.7700
- Take Profit Zone: 0.7125 – 0.7175
- Stop Loss Level: 0.7800
Should price action for the AUDUSD breakout above 0.7725 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.7750
- Take Profit Zone: 0.7825– 0.7900
- Stop Loss Level: 0.7725
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
