Here are the key factors to keep in mind today for Australian Dollar trades:
- Australian AiG Performance of Services Index: The Australian AiG Performance of Services Index for July was reported at 53.6. Forex traders can compare this to the Australian AiG Performance of Services Index for June which was reported at 63.0.
- Australian CBA Services PMI and CBA Composite PMI: The Australian CBA Services PMI for July was reported at 52.3. Forex traders can compare this to the Australian CBA Services PMI for June which was reported at 52.7. The Australian CBA Composite PMI for July was reported at 52.3. Forex traders can compare this to the Australian CBA Composite PMI for for June which was reported at 52.9.
- Australian Retail Sales: Australian Retail Sales for June increased by 0.4% monthly. Economists predicted an increase of 0.3% monthly. Forex traders can compare this to Australian Retail Sales for May which increased by 0.4% monthly. Australian Retail Sales excluding Inflation for the second-quarter increased by 1.2% quarterly. Economists predicted an increase of 0.8% quarterly. Forex traders can compare this to Australian Retail Sales excluding Inflation for the first-quarter which increased by 0.2% quarterly.
- Chinese Caixin Services PMI and Chinese Caixin Composite PMI: The Chinese Caixin Services PMI for July was reported at 52.8. Forex traders can compare this to the Chinese Caixin Services PMI for June which was reported at 53.9. The Chinese Caixin Composite PMI for July was reported at 52.3. Forex traders can compare this to the Chinese Caixin Composite PMI for for June which was reported at 53.0.
Here are the key factors to keep in mind today for US Dollar trades:
- US Trade Balance: The US Trade Balance for June is predicted at -$46.1B. Forex traders can compare this to the US Trade Balance for May which was reported at -$43.1B.
- US NFP Report: The US NFP Report for July is predicted to show 192K job additions and an unemployment rate of 3.9%. Forex traders can compare this to the US NFP Report for June which showed 213K job additions and an unemployment rate of 4.0%. Private Payrolls for July are predicted to show 185K job additions and Manufacturing Payrolls 22K job additions. Forex traders can compare this to Private Payrolls for June which showed 202K job additions and Manufacturing Payrolls which showed 36K job additions. The Average Work Week for July is predicted at 34.5 hours. Forex traders can compare this to the Average Work Week for June which was reported at 34.5 hours. Average Hourly Earnings for July are predicted to increase by 0.3% monthly and by 2.7% annualized. Forex traders can compare this to Average Hourly Earnings for June which increased by 0.2% monthly and by 2.7% annualized. The Labor Force Participation Rate for July is predicted at 62.9%. Forex traders can compare this to the Labor Force Participation Rate for June which was reported at 62.9%.
- US Markit Services PMI and Markit Composite PMI: The US Final Markit Services PMI for July is predicted at 56.2 and the US Final Markit Composite PMI is predicted at 55.9 . Forex traders can compare this to the previous US Markit Services PMI for June which was reported at 56.2 and to the previous US Markit Composite PMI which was reported at 55.9.
- US ISM Non-Manufacturing PMI: US ISM Non-Manufacturing PMI for July is predicted at 58.6. Forex traders can compare this to the US ISM Non-Manufacturing PMI for June which was reported at 59.1.
Should price action for the AUDUSD remain inside the or breakout above the 0.7310 to 0.7370 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.7360
- Take Profit Zone: 0.7720 – 0.7780
- Stop Loss Level: 0.7160
Should price action for the AUDUSD breakdown below 0.7310 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.7295
- Take Profit Zone: 0.7115 – 0.71600
- Stop Loss Level: 0.7360
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
