Here is the key factor to keep in mind today for Australian Dollar trades:

• Chinese Industrial Profits: Chinese Industrial Profits for November decreased by 1.8% annualized. Forex traders can compare this to Chinese Industrial Profits for October which increased by 3.6% annualized.

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 December 22nd are predicted at 215K and US Continuing Claims for the week of December 15th are predicted at 1,673K. Forex traders can compare this to US Initial Jobless Claims for the week of December 15th which were reported at 214K and to US Continuing Claims for the week of December 8th which were reported at 1,688K.
• US House Price Index: The US House Price Index for October is predicted to increase by 0.2% monthly. Forex traders can compare this to US House Price Index for September which increased by 0.2% monthly.
• US Consumer Confidence: US Consumer Confidence for December is predicted at 133.6. Forex traders can compare this to US Consumer Confidence for November which was reported at 135.7.

Should price action for the AUDUSD remain inside the or breakout above the 0.7020 to 0.7070 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 0.7040
• Take Profit Zone: 0.7245 – 0.7300
• Stop Loss Level: 0.6975

Should price action for the AUDUSD breakdown below 0.7020 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 0.6985
• Take Profit Zone: 0.6830 – 0.6875
• Stop Loss Level: 0.7040

Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.