Here are the key factors to keep in mind today for Australian Dollar trades:
- Australian ANZ Roy Morgan Weekly Consumer Confidence Index: The Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of June 17th was reported at 122.1. Forex traders can compare this to the Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of June 10th which was reported at 123.0.
- Australian House Price Index: The Australian House Price Index for the first-quarter decreased by 0.7% quarterly and increased by 2.0% annualized. Economists predicted a decrease of 1.0% quarterly and an increase of 1.7% annualized. Forex traders can compare this to the Australian House Price Index for the fourth-quarter which increased by 1.0% quarterly and by 5.0% annualized.
- RBA Minutes: The RBA released minutes from its latest meeting which was held on June 5th. The overall tone was positive which suggests that the the Australian central banks may be primes for an interest rate increase. GDP is expected to accelerate and business conditions remain at high levels. Domestic demand as well as exports are strong. Wage growth was cited at slow and stable amid a cooling labor market from elevated growth rates.
Here is the key factor to keep in mind today for US Dollar trades:
- US Housing Starts and Building Permits: US Housing Starts for May are predicted to increase by 1.9% monthly to 1,312K starts and Building Permits are predicted to decrease by 1.0% monthly to 1,350K permits. Forex traders can compare this to US Housing Starts for April which decreased by 3.7% monthly to 1,287K starts and to Building Permits which decreased by 1.8% monthly to 1,352K permits.
Should price action for the AUDUSD remain inside the or breakout above the 0.7330 to 0.7410 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.7380
- Take Profit Zone: 0.7655 – 0.7675
- Stop Loss Level: 0.7330
Should price action for the AUDUSD breakdown below 0.7330 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.7310
- Take Profit Zone: 0.7100 – 0.7160
- Stop Loss Level: 0.7380
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
