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 October was reported at 51.1. Forex traders can compare this to the Australian AiG Performance of Services Index for September which was reported at 52.5.
- Australian CBA Services PMI and CBA Composite PMI: The Australian CBA Services PMI for October was reported at 51.7. Forex traders can compare this to the Australian CBA Services PMI for September which was reported at 50.8. The Australian CBA Composite PMI for October was reported at 52.0. Forex traders can compare this to the Australian CBA Composite PMI for for September which was reported at 51.2.
- Australian TD Securities Inflation: Australian TD Securities Inflation for October increased by 0.1% monthly and by 1.9% annualized. Forex traders can compare this to Australian TD Securities Inflation for September which increased by 0.3% monthly and by 2.1% annualized.
- Australian ANZ Job Advertisements: Australian ANZ Job Advertisements for October increased by 0.2% monthly. Forex traders can compare this to Australian ANZ Job Advertisements for September which decreased by 0.8% monthly.
- Chinese Caixin Services PMI and Chinese Caixin Composite PMI: The Chinese Caixin Services PMI for October was reported at 50.8. Economists predicted a figure of 52.8. Forex traders can compare this to the Chinese Caixin Services PMI for September which was reported at 53.1. The Chinese Caixin Composite PMI for October was reported at 50.5. Forex traders can compare this to the Chinese Caixin Composite PMI for for September which was reported at 52.1.
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 October is predicted at 54.6 and the US Final Markit Composite PMI is predicted at 54.7. Forex traders can compare this to the previous US Markit Services PMI for October which was reported at 54.7 and to the previous US Markit Composite PMI which was reported at 54.8.
- US ISM Non-Manufacturing PMI: US ISM Non-Manufacturing PMI for October is predicted at 59.1. Forex traders can compare this to the US ISM Non-Manufacturing PMI for September which was reported at 61.6.
Should price action for the AUDUSD remain inside the or breakout above the 0.7180 to 0.7235 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.7200
- Take Profit Zone: 0.7400 – 0.7460
- Stop Loss Level: 0.7160
Should price action for the AUDUSD breakdown below 0.7180 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.7160
- Take Profit Zone: 0.7000 – 0.7020
- Stop Loss Level: 0.7200
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
