Here are the key factors to keep in mind today for Australian Dollar trades:
- Australian NAB Business Conditions and Australian NAB Business Confidence: Australian NAB Business Conditions for May were reported at 15 and Australian NAB Business Confidence at 6. Forex traders can compare this to NAB Business Conditions for April which were reported at 21 and to Australian NAB Business Confidence which was reported at 11.
- Australian Home Loans and Investment Lending: Australian Home Loans for April decreased by 1.4% monthly. Economists predicted a decrease of 1.8% monthly. Forex traders can compare this to Australian Home Loans for March which decreased by 2.3% monthly. Australian Investment Lending for April decreased by 0.9% monthly and the Value of Loans increased by 0.2% monthly. Forex traders can compare this to Australian Investment Lending for March which decreased by 8.8% monthly and to the Value of Loans which decreased by 2.0% monthly.
Here are the key factors to keep in mind today for US Dollar trades:
- US NFIB Small Business Optimism Index: The US NFIB Small Business Optimism Index for May is predicted at 105.0. Forex traders can compare this to the NFIB Small Business Optimism Index for April which was reported at 104.8.
- US CPI and Core CPI: The US CPI for May is predicted to increase by 0.2% monthly and by 2.7% annualized. Forex traders can compare this to the US CPI for April which increased by 0.2% monthly and by 2.5% annualized. The US Core CPI for April is predicted to increase by 0.2% monthly and by 2.2% annualized. Forex traders can compare this to the US Core CPI for March which increased by 0.1% monthly by 2.1% annualized.
- US Monthly Budget Statement: The US Monthly Budget Statement for May is predicted at -$127.0B. Forex traders can compare this to the US Monthly Budget Statement for April which was reported at $214.3B.
Should price action for the AUDUSD remain inside the or breakout above the 0.7585 to 0.7625 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.7610
- Take Profit Zone: 0.7890 – 0.7940
- Stop Loss Level: 0.7510
Should price action for the AUDUSD breakdown below 0.7585 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.7560
- Take Profit Zone: 0.7410 – 0.7445
- Stop Loss Level: 0.7610
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
