Here are the key factors to keep in mind today for Australian Dollar trades:
- Australian AiG Performance of Services Index: The Australian AiG Performance of Services Index for June was reported at 51.3. Forex traders can compare this to the Australian AiG Performance of Services Index for May which was reported at 51.5.
- Australian ANZ Roy Morgan Weekly Consumer Confidence Index: The Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of July 3rd was reported at 115.8. Forex traders can compare this to the Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of June 26th which was reported at 116.8.
- Australian Trade Balance: The Australian Trade Balance for May was reported at -A$2,218M. Economists predicted a figure of -A$1,700M. Forex traders can compare this to the Australian Trade Balance for April which was reported at -A$1,785M.
- Australian Retail Sales: Australian Retail Sales for May increased by 0.2% monthly. Economists predicted an increase of 0.3% monthly. Forex traders can compare this to Australian Retail Sales for April which increased by 0.2% monthly.
- Australian RBA Interest Rate Decision: The Australian RBA kept interest rates at 1.75%. Forex traders can compare this to the previous Australian RBA Interest Rate Decision where interest rates were left unchanged at 1.75%.
Here are the key factors to keep in mind today for US Dollar trades:
- US IBD/TIPP Economic Optimism Index: The US IBD/TIPP Economic Optimism Index for July is predicted at 48.3. Forex traders can compare this to the US IBD/TIPP Economic Optimism Index for June which was reported at 48.2.
- US Factory Orders: US Factory Orders for May are predicted to decrease by 0.8% monthly. Forex traders can compare this to US Factory Orders for April which increased by 1.9% monthly.
Should price action for the AUDUSD remain inside the or breakdown below the 0.7500 to 0.7530 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.7515
- Take Profit Zone: 0.7225 – 0.7250
- Stop Loss Level: 0.7625
Should price action for the AUDUSD breakout above 0.7530 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.7550
- Take Profit Zone: 0.7625 – 0.7650
- Stop Loss Level: 0.7525
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
