Here are the key factors to keep in mind today for Australian Dollar trades:
- Australian CBA Manufacturing PMI: The Australian Manufacturing PMI for January was reported at 55.4. Forex traders can compare this to the Australian CBA Manufacturing PMI for December which was reported at 57.1.
- Australian AiG Performance of Manufacturing Index: The Australian AiG Performance of Manufacturing Index for January was reported at 58.7. Forex traders can compare this to the Australian AiG Performance of Manufacturing Index for December which was reported at 56.2.
- Australian CoreLogic House Prices: Australian CoreLogic House Prices for January decreased by 0.5% monthly. Forex traders can compare this to Australian CoreLogic House Prices for December which decreased by 0.4%.
- Australian Import Price Index & Australian Export Price Index: The Australian Import Price Index for the fourth-quarter increased by 2.0% quarterly and the Australian Export Price Index increased by 2.8% quarterly. Economists predicted an increase of 1.5% and of 2.0%. Forex traders can compare this to the Australian Import Price Index for the third-quarter which decreased by 1.6% quarterly and to the Australian Export Price Index which decreased by 3.0% quarterly.
- Australian Building Approvals: Australian Building Approvals for December decreased by 20.0% monthly and by 5.5% annualized. Economists predicted a decrease of 7.6% monthly and an increase of 11.5% annualized. Forex traders can compare this to Australian Building Approvals for November which increased by 12.6% monthly and by 18.1% annualized.
- Chinese Caixin Manufacturing PMI: The Chinese Caixin Manufacturing PMI for January was reported at 51.5. Economists predicted a figure of 51.5. Forex traders can compare this to the Chinese Caixin Manufacturing PMI for December which was reported at 51.5.
- Australian RBA Commodity Index: The Australian RBA Commodity Index for January decreased by 0.6% annualized. Forex traders can compare this to the Australian RBA Commodity Index for December which decreased by 6.0% annualized.
Here are the key factors to keep in mind today for US Dollar trades:
- US Non-Farm Productivity and Unit Labor Costs: Preliminary US Non-Farm Productivity for the fourth-quarter is predicted to increase by 1.1% quarterly and Unit Labor Costs are predicted to increase by 1.0% quarterly. Forex traders can compare this to US Non-Farm Productivity for the third-quarter which increased by 3.0% quarterly and to Unit Labor Costs which decreased by 0.2% quarterly.
- US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of January 27th are predicted at 236K and US Continuing Claims for the week of January 20th are predicted at 1,925K. Forex traders can compare this to US Initial Jobless Claims for the week of January 20th which were reported at 233K and to US Continuing Claims for the week of January 13th which were reported at 1,937K.
- US Markit Manufacturing PMI: The Final US Markit Manufacturing PMI for January is predicted at 55.5. Forex traders can compare this to the first US Markit Manufacturing PMI for January which was reported at 55.5.
- US Construction Spending: US Construction Spending for December is predicted to increase by 0.4% monthly. Forex traders can compare this to US Construction Spending for November which increased by 0.8% monthly.
- US ISM Manufacturing Index: The US ISM Manufacturing Index for January is predicted at 58.6. Forex traders can compare this to the US ISM Manufacturing Index for December which was reported at 59.7. ISM Prices Paid for January are predicted at 68.0 and the ISM Employment Index is predicted at 57.0. Forex traders can compare this to ISM Prices Paid for December which were reported at 69.0 and to the ISM Employment Index which was reported at 58.1.
Should price action for the AUDUSD remain inside the or breakout above the 0.7985 to 0.8040 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8015
- Take Profit Zone: 0.8180 – 0.8220
- Stop Loss Level: 0.7935
Should price action for the AUDUSD breakdown below 0.7985 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.7950
- Take Profit Zone: 0.7810 – 0.7850
- Stop Loss Level: 0.8000
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