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 April was reported at 55.2. Forex traders can compare this to the Australian AiG Performance of Services Index for March which was reported at 56.9.
- Australian CBA Services PMI and CBA Composite PMI: The Australian CBA Services PMI for April was reported at 55.2. Forex traders can compare this to the Australian CBA Services PMI for March which was reported at 55.6. The Australian CBA Composite PMI for April was reported at 55.3. Forex traders can compare this to the Australian CBA Composite PMI for for March which was reported at 55.4.
- Australian Trade Balance: The Australian Trade Balance for March was reported at A$1,527M. Economists predicted a figure of A$865M. Forex traders can compare this to the Australian Trade Balance for February which was reported at A$1,349M.
- Australian Building Approvals: Australian Building Approvals for March increased by 2.6% monthly and by 14.5% annualized. Economists predicted an increase of 1.0% monthly and of 10.6% annualized. Forex traders can compare this to Australian Building Approvals for February which decreased by 4.2% monthly and by 0.5% annualized.
Here are the key factors to keep in mind today for US Dollar trades:
- US Non-Farm Productivity and Unit Labor Costs: Preliminary US Non-Farm Productivity for the first-quarter is predicted to increase by 1.0% quarterly and Unit Labor Costs are predicted to increase by 3.0% quarterly. Forex traders can compare this to US Non-Farm Productivity for the fourth-quarter which was reported flat at 0.0% quarterly and to Unit Labor Costs which increased by 2.5% quarterly.
- US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of April 28th are predicted at 225K and US Continuing Claims for the week of April 21st are predicted at 1,840K. Forex traders can compare this to US Initial Jobless Claims for the week of April 21st which were reported at 209K and to US Continuing Claims for the week of April 14th which were reported at 1,837K.
- US Trade Balance: The US Trade Balance for March is predicted at -$50.0B. Forex traders can compare this to the US Trade Balance for February which was reported at -$57.6B.
- US Markit Services PMI and Markit Composite PMI: The US Final Markit Services PMI for April is predicted at 54.4. Forex traders can compare this to the previous US Markit Services PMI for April which was reported at 54.4. The US Final Markit Composite PMI for April is predicted at 54.8. Forex traders can compare this to the previous US Markit Composite PMI for April which was reported at 54.8.
- US ISM Non-Manufacturing PMI: US ISM Non-Manufacturing PMI for April is predicted at 58.0. Forex traders can compare this to the US ISM Non-Manufacturing PMI for March which was reported at 58.8.
- US Factory Orders: US Factory Orders for March are predicted to increase by 1.4% monthly. Forex traders can compare this to US Factory Orders for February which increased by 1.2% monthly.
Should price action for the AUDUSD remain inside the or breakout above the 0.7500 to 0.7575 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.7535
- Take Profit Zone: 0.8100 – 0.8135
- Stop Loss Level: 0.7370
Should price action for the AUDUSD breakdown below 0.7500 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.7485
- Take Profit Zone: 0.7330 – 0.7380
- Stop Loss Level: 0.7535
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
