Here are the key factors to keep in mind today for Australian Dollar trades:
- Australian Westpac Leading Index: The Australian Westpac Leading Index for July increased by 0.10% monthly. Economists predicted an increase of 0.1% monthly. Forex traders can compare this to the Australian Westpac Leading Index for June which increased by 0.13%.
- Australian Skilled Vacancies: Australian Skilled Vacancies for July increased by 0.2% monthly. Forex traders can compare this to Australian Skilled Vacancies for June which decreased by 1.0% monthly.
- Australian Construction Work Done: Australian Construction Work Done for the second-quarter increased by 1.6% quarterly. Economists predicted an increase of 0.8% quarterly. Forex traders can compare this to Australian Construction Work Done for the first-quarter which increased by 0.2% quarterly.
Here are the key factors to keep in mind today for US Dollar trades:
- US Existing Home Sales: US Existing Home Sales for July are predicted to increase by 0.4% monthly to 5.40M. Forex traders can compare this to US Existing Home Sales for June which decreased by 0.6% monthly to 5.38M.
- FOMC Minutes: The US Federal Reserve will release minutes from its last meeting today and forex traders will look for any potential change in the wording used which could give insight to future monetary policy adjustments.
Should price action for the AUDUSD remain inside the or breakout above the 0.7320 to 0.7380 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.7340
- Take Profit Zone: 0.7645 – 0.7675
- Stop Loss Level: 0.7270
Should price action for the AUDUSD breakdown below 0.7320 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.7295
- Take Profit Zone: 0.6975 – 0.7075
- Stop Loss Level: 0.7340
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
