Here are the key factors to keep in mind today for Australian Dollar trades:
- Australian Consumer Inflation Expectations: Australian Consumer Inflation Expectations for May increased by 3.7% annualized. Forex traders can compare this to Australian Consumer Inflation Expectations for April which increased by 3.6% annualized.
- Australian Employment Report: The Australian Employment Change for April was reported at 22.6K. Economists predicted a figure of 20.0K. Forex traders can compare this to the Australian Employment Change for March which was reported at -0.7K. The Unemployment Rate for April was reported at 5.6%. Economists predicted a reading of 5.5%. Forex traders can compare this to the Unemployment Rate for March which was reported at 5.5%. 32.7K Full-Time Positions were created in April and 10.0K Part-Time Positions were lost. Forex traders can compare this to the loss of 25.1K Full-Time Positions and the creation of 24.4K Part-Time Positions which were reported in March. The Labor Force Participation Rate for April was reported at 65.6%. Economists predicted a reading of 65.5%. Forex traders can compare this to the Labor Force Participation Rate for March which was reported at 65.5%.
- Chinese Foreign Direct Investment: Chinese Foreign Direct Investment for April decreased by 1.1% annualized. Forex traders can compare this to Chinese Foreign Direct Investment for March which increased by 0.4% annualized.
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 May 12th are predicted at 225K and US Continuing Claims for the week of May 5th are predicted at 1,780K. Forex traders can compare this to US Initial Jobless Claims for the week of May 5th which were reported at 211K and to US Continuing Claims for the week of April 28th which were reported at 1,790K.
- US Philadelphia Fed Business Outlook: The Philadelphia Fed Business Outlook for May is predicted at 21.0. Forex traders can compare this to the Philadelphia Fed Business Outlook for April which was reported at 23.2.
- US Leading Indicators: US Leading Indicators for April are predicted to increase by 0.4% monthly. Forex traders can compare this to US Leading Indicators for March which increased by 0.3% monthly.
Should price action for the AUDUSD remain inside the or breakout above the 0.7505 to 0.7565 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.7535
- Take Profit Zone: 0.8080 – 0.8135
- Stop Loss Level: 0.7415
Should price action for the AUDUSD breakdown below 0.7505 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.7490
- Take Profit Zone: 0.7370 – 0.7415
- Stop Loss Level: 0.7535
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
