Here are the key factors to keep in mind today for Australian Dollar trades:
- Australian TD Securities Inflation: Australian TD Securities Inflation for May was reported flat at 0.0% monthly and increased by 2.1% annualized. Forex traders can compare this to Australian TD Securities Inflation for April which increased by 0.5% monthly and by 2.0% annualized.
- Australian Inventories and Australian Company Operating Profits: Australian Inventories for the first-quarter increased by 0.7% quarterly and Australian Company Operating Profits increased by 5.9% quarterly. Economists predicted a flat reading of 0.0% and an increase of 3.0%. Forex traders can compare this to Australian Inventories for the fourth-quarter which increased by 0.2% quarterly and to Australian Company Operating Profits which increased by 2.2% quarterly.
- Australian ANZ Job Advertisements: Australian ANZ Job Advertisements for May increased by 1.5% monthly. Forex traders can compare this to Australian ANZ Job Advertisements for April which decreased by 0.3% monthly.
- Australian Retail Sales: Australian Retail Sales for April increased by 0.4% monthly. Economists predicted an increase of 0.3% monthly. Forex traders can compare this to Australian Retail Sales for March which were reported flat at 0.0% monthly.
Here is the key factor to keep in mind today for US Dollar trades:
- US Factory Orders: US Factory Orders for April are predicted to decrease by 0.5% monthly. Forex traders can compare this to US Factory Orders for March which increased by 1.6% monthly.
Should price action for the AUDUSD remain inside the or breakout above the 0.7625 to 0.7670 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.7645
- Take Profit Zone: 0.7945 – 0.7990
- Stop Loss Level: 0.7560
Should price action for the AUDUSD breakdown below 0.7625 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.7610
- Take Profit Zone: 0.7415 – 0.7445
- Stop Loss Level: 0.7670
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
