Here are the key factors to keep in mind today for Australian Dollar trades:
- Australian Consumer Inflation Expectations: Australian Consumer Inflation Expectations for March increased by 4.0%. Forex traders can compare this to Australian Consumer Inflation Expectations for February which increased by 4.1%.
- Australian Employment Report: The Australian Employment Change for February was reported at -6.4K. Economists predicted a figure of 16.0K. Forex traders can compare this to the Australian Employment Change for January which was reported at 13.7K. The Unemployment Rate for February was reported at 5.9%. Economists predicted a reading of 5.7%. Forex traders can compare this to the Unemployment Rate for January which was reported at 5.7%. 27.1K Full-Time Positions were created in February and 33.5K Part-Time Positions were lost. Forex traders can compare this to the loss of 44.1K Full-Time Positions and the creation of 57.5K Part-Time Positions which were reported in January. The Labor Force Participation Rate for February was reported at 64.6%. Economists predicted a reading of 64.6%. Forex traders can compare this to the Labor Force Participation Rate for January which was reported at 64.6%.
Here are the key factors to keep in mind today for US Dollar trades:
- US Housing Starts and Building Permits: US Housing Starts for February are predicted to increase by 1.4% monthly to 1,264K starts and Building Permits are predicted to decrease by 2.6% monthly to 1,260K permits. Forex traders can compare this to US Housing Starts for January which decreased by 2.6% monthly to 1,246K starts and Building Permits which increased by 4.6% monthly to 1,285K permits.
- US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of March 11th are predicted at 242K and US Continuing Claims for the week of March 4th are predicted at 2,050K. Forex traders can compare this to US Initial Jobless Claims for the week of March 4th which were reported at 243K and US Continuing Claims for the week of February 25th which were reported at 2,058K.
- US Philadelphia Fed Index: The US Philadelphia Fed Index for March is predicted at 28.0. Forex traders can compare this to the US Philadelphia Fed Index for February which was reported at 43.3.
Should price action for the AUDUSD remain inside the or breakdown below the 0.7650 to 0.7700 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.7675
- Take Profit Zone: 0.7300 – 0.7350
- Stop Loss Level: 0.7800
Should price action for the AUDUSD breakout above 0.7700 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.7750
- Take Profit Zone: 0.7950 – 0.8000
- Stop Loss Level: 0.7675
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
