Here are the key factors to keep in mind today for Australian Dollar trades:
- Australian NAB Business Confidence: Australian NAB Business Confidence for the third-quarter was reported at 5. Forex traders can compare this to Australian NAB Business Confidence for the second-quarter which was reported at 3.
- Australian Employment Report: The Australian Employment Change for September was reported at -9.8K. Economists predicted a figure of 15.0K. Forex traders can compare this to the Australian Employment Change for August which was reported at -8.6K. The Unemployment Rate for September was reported at 5.6%. Economists predicted a reading of 5.7%. Forex traders can compare this to the Unemployment Rate for August which was reported at 5.7%. 53.0K Full-Time Positions were lost in September and 43.2K Part-Time Positions were created. Forex traders can compare this to the creation of 10.1K Full-Time Positions and the loss of 18.6K Part-Time Positions which were reported in August. The Labor Force Participation Rate for September was reported at 64.5%. Economists predicted a reading of 64.8%. Forex traders can compare this to the Labor Force Participation Rate for August which was reported at 64.7%.
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 October 15th are predicted at 250K and US Continuing Claims for the week of October 8th are predicted at 2,060K. Forex traders can compare this to US Initial Jobless Claims for the week of October 8th which were reported at 246K and US Continuing Claims for the week of October 1st which were reported at 2,046K.
- US Philadelphia Fed Index: The US Philadelphia Fed Index for October is predicted at 6.0. Forex traders can compare this to the US Philadelphia Fed Index for September which was reported at 12.8.
- US Existing Home Sales: US Existing Home Sales for September are predicted to increase by 0.4% monthly to 5.35M. Forex traders can compare this to US Existing Home Sales for August which decreased by 0.9% monthly to 5.33M.
- US Leading Indicators: US Leading Indicators for September are predicted to increase by 0.2%. Forex traders can compare this to US Leading Indicators for August which decreased by 0.2%.
Should price action for the AUDUSD remain inside the or breakdown below the 0.7650 to 0.7700 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.7675
- Take Profit Zone: 0.7400 – 0.7450
- Stop Loss Level: 0.7750
Should price action for the AUDUSD breakout above 0.7700 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.7725
- Take Profit Zone: 0.7800 – 0.7850
- Stop Loss Level: 0.7650
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
