Here are the key factors to keep in mind today for Australian Dollar trades:
- Australian Consumer Inflation Expectations: Australian Consumer Inflation Expectations for July where reported at 3.7%. Forex traders can compare this to Australian Consumer Inflation Expectations for June which were reported at 3.5%.
- Australian Employment Report: The Australian Employment Change for June was reported at 7.9K. Economists predicted a figure of 10.0K. Forex traders can compare this to the Australian Employment Change for May which was reported at 19.2K. The Unemployment Rate for June was reported at 5.8%. Economists predicted a reading of 5.8%. Forex traders can compare this to the Unemployment Rate for May which was reported at 5.7%. 38.4K Full-Time Positions were created in June and 30.6K Part-Time Positions were lost. Forex traders can compare this to the creation of 2.5K Full-Time Positions and the creation of 16.6K Part-Time Positions which were reported in May. The Labor Force Participation Rate for June was reported at 64.9%. Economists predicted a reading of 64.8%. Forex traders can compare this to the Labor Force Participation Rate for May which was reported at 64.8%.
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 July 9th are predicted at 265K and US Continuing Claims for the week of July 2nd are predicted at 2,140K. Forex traders can compare this to US Initial Jobless Claims for the week of July 2nd which were reported at 254K and US Continuing Claims for the week of June 25th which were reported at 2,124K.
- US PPI: The US PPI for June is predicted to increase by 0.3% monthly and to decrease by 0.1% annualized. Forex traders can compare this to the US PPI for May which increased by 0.4% monthly and which decreased by 0.1% annualized. The US Core PPI for June is predicted to increase by 0.1% monthly and by 1.0% annualized. Forex traders can compare this to the US Core PPI for May which increased by 0.3% monthly and by 1.2% annualized.
Should price action for the AUDUSD remain inside the or breakdown below the 0.7650 to 0.7650 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.7625
- Take Profit Zone: 0.7300– 0.7350
- Stop Loss Level: 0.7700
Should price action for the AUDUSD breakout above 0.7650 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.7675
- Take Profit Zone: 0.7725– 0.7750
- Stop Loss Level: 0.7650
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
