Here is the key factor to keep in mind today for Australian Dollar trades:
- Australian Building Approvals: Australian Building Approvals for September decreased by 8.7% monthly and by 6.4% annualized. Economists predicted a decrease of 3.0% monthly and an increase of 2.1% annualized. Forex traders can compare this to Australian Building Approvals for August which decreased by 1.8% monthly and which increased by 10.3% annualized.
Here are the key factors to keep in mind today for US Dollar trades:
- US ADP Employment Change: The US ADP Employment Change for October is predicted at 165K. Forex traders can compare this to the US ADP Employment Change for September which was reported at 154K.
- ISM New York: The ISM New York for October is predicted at 50.9. Forex traders can compare this to the ISM New York for September which was reported at 49.6.
- US FOMC Interest Rate Decision: The US FOMC Interest Rate Decision is predicted to show interest rates at 0.50%. Forex traders can compare this to the previous US FOMC Interest Rate Decision which showed interest rates at 0.50%.
Should price action for the AUDUSD remain inside the or breakdown below the 0.7625 to 0.7675 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.7650
- Take Profit Zone: 0.7125 – 0.7175
- Stop Loss Level: 0.7760
Should price action for the AUDUSD breakout above 0.7675 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.7700
- Take Profit Zone: 0.7800 – 0.7850
- Stop Loss Level: 0.7625
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
