Here are the key factors to keep in mind today for Australian Dollar trades:
- Australian Skilled Vacancies: Australian Skilled Vacancies for October increased by 0.5% monthly. Forex traders can compare this to Australian Skilled Vacancies for September which increased by 0.6% monthly.
- Australian Construction Work Done: Australian Construction Work Done for the third-quarter increased by 15.7% quarterly. Economists predicted a decrease of 2.3% quarterly. Forex traders can compare this to Australian Construction Work Done for the second-quarter which increased by 9.3% quarterly.
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 November 18th are predicted at 240K and US Continuing Claims for the week of November 11th are predicted at 1,882K. Forex traders can compare this to US Initial Jobless Claims for the week of November 11th which were reported at 249K and US Continuing Claims for the week of November 4th which were reported at 1,860K.
- US Preliminary Durable Goods Orders: US Preliminary Durable Goods Orders for October are predicted to increase by 0.4% monthly and Durables Excluding Transportation are predicted to increase by 0.4% monthly. Forex traders can compare this to US Durable Goods Orders for September which increased by 2.0% monthly and to Durables Excluding Transportation which increased by 0.7% monthly. Capital Goods Orders Non-Defense Excluding Aircraft for October are predicted to increase by 0.5% monthly and Capital Goods Shipments Non-Defense Excluding Aircraft are predicated to increase by 0.3% monthly. Forex traders can compare this to Capital Goods Orders Non-Defense Excluding Aircraft for September which increased by 1.7% monthly and to Capital Goods Shipments Non-Defense Excluding Aircraft which increased by 0.9% monthly.
- US Michigan Consumer Confidence: US Michigan Consumer Confidence for November is predicted at 98.0. Forex traders can compare this to US Michigan Consumer Confidence for October which was reported at 97.8. Current Conditions for November are expected at 113.3 and Expectations are predicted at 87.6. Forex traders can compare this to Current Conditions for October which were reported at 113.6 and to Expectations which were reported at 87.6.
Should price action for the AUDUSD remain inside the or breakout above the 0.7560 to 0.7580 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.7570
- Take Profit Zone: 0.7870 – 0.7895
- Stop Loss Level: 0.7530
Should price action for the AUDUSD breakdown below 0.7560 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.7530
- Take Profit Zone: 0.7330 – 0.7385
- Stop Loss Level: 0.7580
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
