Here are the key factors to keep in mind today for Australian Dollar trades:
- Australian Westpac Consumer Confidence: Australian Westpac Consumer Confidence for July increased by 3.9% monthly to 106.1. Forex traders can compare this to Australian Westpac Consumer Confidence for June which increased by 0.3% to 102.1.
- Australian Home Loans and Investment Lending: Australian Home Loans for May increased by 1.1% monthly. Economists predicted a decrease of 2.0% monthly. Forex traders can compare this to Australian Home Loans for April which decreased by 0.9% monthly. Australian Investment Lending for May decreased by 0.1% monthly and the Value of Loans increased by 0.7% monthly. Forex traders can compare this to Australian Investment Lending for April which decreased by 0.8% monthly and to the Value of Loans which increased by 0.3% monthly.
Here are the key factors to keep in mind today for US Dollar trades:
- US PPI: The US PPI for June is predicted to increase by 0.2% monthly and by 3.1% annualized. Forex traders can compare this to the US PPI for May which increased by 0.5% monthly and by 3.1% annualized. The US Core PPI for June is predicted to increase by 0.2% monthly and by 2.6% annualized. Forex traders can compare this to the US Core PPI for May which increased by 0.3% monthly and by 2.4% annualized. The US Core PPI ex Trade for June is predicted to increase by 0.2% monthly and by 2.8% annualized. Forex traders can compare this to the US Core PPI ex Trade for May which increased by 0.1% monthly and by 2.6% annualized.
- US Wholesale Inventories: US Final Wholesale Inventories for May are predicted to increase by 0.4% monthly. Forex traders can compare this to previous US Wholesale Inventories for May which increased by 0.5% monthly.
Should price action for the AUDUSD remain inside the or breakout above the 0.7400 to 0.7455 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.7420
- Take Profit Zone: 0.7740 – 0.7810
- Stop Loss Level: 0.7300
Should price action for the AUDUSD breakdown below 0.7400 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.7375
- Take Profit Zone: 0.7160 – 0.7200
- Stop Loss Level: 0.7420
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
