Here are the key factors to keep in mind today for Australian Dollar trades:
- Australian Consumer Inflation Expectations: Australian Consumer Inflation Expectations for June where reported at 3.5%. Forex traders can compare this to Australian Consumer Inflation Expectations for May which were reported at 3.2%.
- Australian Employment Report: The Australian Employment Change for May was reported at 17.9K. Economists predicted a figure of 15.0K. Forex traders can compare this to the Australian Employment Change for April which was reported at 0.8K. The Unemployment Rate for May was reported at 5.7%. Economists predicted a reading of 5.7%. Forex traders can compare this to the Unemployment Rate for April which was reported at 5.7%. 0.0K Full-Time Positions were created in May and 17.9K Part-Time Positions. Forex traders can compare this to the loss of 18.2K Full-Time Positions and the creation of 19.1K Part-Time Positions which were created in April. The Labor Force Participation Rate for May was reported at 64.8%. Economists predicted a reading of 64.9%. Forex traders can compare this to the Labor Force Participation Rate for April 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 June 11th are expected at 270K and US Continuing Claims for the week of June 4th are expected at 2,140K. Forex traders can compare this to US Initial Jobless Claims for the week of June 4th which were reported at 264K and US Continuing Claims for the week of May 28th which were reported at 2,095K.
- US Philadelphia Fed Index: The US Philadelphia Fed Index for June is expected at 1.3. Forex traders can compare this to the US Philadelphia Fed Index for May which was reported at -1.8.
- US CPI and Core CPI: The US CPI for May is predicted to increase by 0.3% monthly and by 1.1% annualized. Forex traders can compare this to the US CPI for April which increased by 0.4% monthly by 1.1% annualized. The US Core CPI for May is predicted to increase by 0.2% monthly and by 2.2% annualized. Forex traders can compare this to the US Core CPI for April which increased by 0.2% monthly by 2.1% annualized.
Should price action for the AUDUSD remain inside the or breakdown below the 0.7350 to 0.7400 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.7375
- Take Profit Zone: 0.7125 – 0.7175
- Stop Loss Level: 0.7425
Should price action for the AUDUSD breakout above 0.7425 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.7450
- Take Profit Zone: 0.7500 – 0.7550
- Stop Loss Level: 0.7425
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
