Here are the key factors to keep in mind today for Australian Dollar trades:
- Australian AiG Performance of Services Index: The Australian AiG Performance of Services Index for February was reported at 44.5. Forex traders can compare this to the Australian AiG Performance of Services Index for January which was reported at 44.3.
- Australian CBA Services PMI and CBA Composite PMI: The Final Australian CBA Services PMI for February was reported at 48.7. Forex traders can compare this to the previous Australian CBA Services PMI for January which was reported at 49.3. The Final Australian CBA Composite PMI for January was reported at 49.1. Forex traders can compare this to the previous Australian CBA Composite PMI for for January which was reported at 49.7.
- Australian ANZ Roy Morgan Weekly Consumer Confidence Index: The Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of March 3rd was reported at 114.8. Forex traders can compare this to the Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of February 24th which was reported at 114.1.
- Australian Current Account Balance: The Australian Current Account Balance for the fourth-quarter was reported at -A$7.2B. Economists predicted a figure of -A$9.1B. Forex traders can compare this to the Australian Current Account Balance for the third-quarter which was reported at -A$10.8B. Australian Net Exports of GDP for the fourth-quarter decreased by 0.2% quarterly. Economists predicted a decrease of 0.1% quarterly. Forex traders can compare this to Australian Net Exports of GDP for the third-quarter which increased by 0.4% quarterly.
- Chinese Caixin Services PMI and Chinese Caixin Composite PMI: The Chinese Caixin Services PMI for February was reported at 51.1. Economists predicted a figure of 53.5. Forex traders can compare this to the Chinese Caixin Services PMI for January which was reported at 53.6. The Chinese Caixin Composite PMI for February was reported at 50.7. Forex traders can compare this to the Chinese Caixin Composite PMI for for January which was reported at 50.9.
- Australian RBA Interest Rate Decision: The Australian RBA kept interest rates at 1.50%. Economists predicted interest rates at 1.50%. Forex traders can compare this to the previous Australian RBA Interest Rate Decision where interest rates were left unchanged at 1.50%.
Here are the key factors to keep in mind today for US Dollar trades:
- US Markit Services PMI and Markit Composite PMI: The US Final Markit Services PMI for February is predicted at 56.2 and the US Final Markit Composite PMI is predicted at 55.8. Forex traders can compare this to the previous US Markit Services PMI for February which was reported at 56.2 and to the previous US Markit Composite PMI which was reported at 55.8.
- US ISM Non-Manufacturing PMI: US ISM Non-Manufacturing PMI for February is predicted at 57.3. Forex traders can compare this to the US ISM Non-Manufacturing PMI for January which was reported at 56.7.
- US New Home Sales: US New Home Sales for December are predicted to decrease by 8.7% monthly to 590K new homes. Forex traders can compare this to US New Home Sales for November which increased by 16.9% monthly to 657K new homes.
- US Monthly Budget Statement: The US Monthly Budget Statement for January is predicted at $6.0B. Forex traders can compare this to the US Monthly Budget Statement for December which was reported at -$13.5B.
Should price action for the AUDUSD remain inside the or breakout above the 0.7030 to 0.7110 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.7075
- Take Profit Zone: 0.7335 – 0.7395
- Stop Loss Level: 0.7000
Should price action for the AUDUSD breakdown below 0.7030 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.7010
- Take Profit Zone: 0.6825 – 0.6900
- Stop Loss Level: 0.7075
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
