Here are the key factors to keep in mind today for Australian Dollar trades:
- Australian CBA Manufacturing PMI, CBA Services PMI and CBA Composite PMI: Preliminary Australian Manufacturing PMI for January was reported at 54.3. Forex traders can compare this to the Australian CBA Manufacturing PMI for December which was reported at 54.0.The Preliminary Australian CBA Services PMI for January was reported at 51.0. Forex traders can compare this to the Australian CBA Services PMI for December which was reported at 52.7. The Preliminary Australian CBA Composite PMI for January was reported at 51.5. Forex traders can compare this to the Australian CBA Composite PMI for for December which was reported at 52.9.
- Australian Employment Report: The Australian Employment Change for December was reported at 21.6K. Economists predicted a figure of 18.0K. Forex traders can compare this to the Australian Employment Change for November which was reported at 37.0K. The Unemployment Rate for December was reported at 5.0%. Economists predicted a reading of 5.1%. Forex traders can compare this to the Unemployment Rate for November which was reported at 5.1%. 3.0K Full-Time Positions were lost and 24.6K Part-Time Positions were created in December. Forex traders can compare this to the loss of 6.4K Full-Time Positions and to the creation of 43.4K Part-Time Positions which were reported in November. The Labor Force Participation Rate for December was reported at 65.6%. Economists predicted a reading of 65.7%. Forex traders can compare this to the Labor Force Participation Rate for November which was reported at 65.7%.
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 January 19th are predicted at 215K and US Continuing Claims for the week of January 12th are predicted at 1,735K. Forex traders can compare this to US Initial Jobless Claims for the week of January 19th which were reported at 213K and to US Continuing Claims for the week of January 5th which were reported at 1,737K.
- US Markit Manufacturing PMI, Services PMI and Composite PMI: The Preliminary US Markit Manufacturing PMI for January is predicted at 53.4. Forex traders can compare this to the US Markit Manufacturing PMI for December which was reported at 53.8. The Preliminary US Markit Services PMI for January is predicted at 54.1. Forex traders can compare this to the US Markit Services PMI for December which was reported at 54.4. The Preliminary US Markit Composite PMI for January is predicted at 54.0. Forex traders can compare this to the US Markit Composite PMI for December which was reported at 54.4.
- US Leading Indicators: US Leading Indicators for December are predicted to decrease by 0.1% monthly. Forex traders can compare this to US Leading Indicators for November which increased by 0.2% monthly.
- US Kansas City Fed Manufacturing Activity Index: The US Kansas City Fed Manufacturing Activity Index for January is predicted at -1. Forex traders can compare this to the US Kansas City Fed Manufacturing Activity Index for December which was reported at 3.
Should price action for the AUDUSD remain inside the or breakdown below the 0.7055 to 0.7165 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.7100
- Take Profit Zone: 0.6825 – 0.6920
- Stop Loss Level: 0.7210
Should price action for the AUDUSD breakout above 0.7165 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.7180
- Take Profit Zone: 0.7325 – 0.7395
- Stop Loss Level: 0.7100
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
