Here are the key factors to keep in mind today for Euro trades:
- Italian Services PMI and Composite PMI: The Italian Markit Services PMI for November is predicted at 53.2. Forex traders can compare this to the Italian Markit Services PMI for October which was reported at 52.1. The Italian Markit Composite PMI for November is predicted at 55.0. Forex traders can compare this to the Italian Markit Composite PMI for October which was reported at 53.9.
- French Services PMI and Composite PMI: The Final French Markit Services PMI for November is predicted at 60.2. Forex traders can compare this to the previous French Markit Services PMI for for November which was reported at 60.2. The Final French Markit Composite PMI for November is predicted at 60.1. Forex traders can compare this to the previous French Markit Composite PMI for for November which was reported at 60.1.
- German Services PMI and Composite PMI: The Final German Markit Services PMI for November is predicted at 54.9. Forex traders can compare this to the previous German Markit Services PMI for for November which was reported at 54.9. The Final German Markit/BME Composite PMI for November is predicted at 57.6. Forex traders can compare this to the previous German Markit/BME Composite PMI for for November which was reported at 57.6.
- Eurozone Services PMI and Composite PMI: The Final Eurozone Markit Services PMI for November is predicted at 56.2. Forex traders can compare this to the previous Eurozone Markit Services PMI for for November which was reported at 56.2. The Final Eurozone Markit Composite PMI for November is predicted at 57.5. Forex traders can compare this to the previous Eurozone Markit Composite PMI for for November which was reported at 57.5.
- Eurozone Retail Sales: Eurozone Retail Sales for October are predicted to decrease by 0.7% monthly and to increase by 1.6% annualized. Forex traders can compare this to Eurozone Retail Sales for September which increased by 0.7% monthly and by 3.7% annualized.
Here is the key factor to keep in mind today for Australian Dollar trades:
- Australian CBA Services PMI and CBA Composite PMI: The Australian CBA Services PMI for November was reported at 54.0. Forex traders can compare this to the Australian CBA Services PMI for for October which was reported at 53.0. The Australian CBA Composite PMI for November was reported at 54.3. Forex traders can compare this to the Australian CBA Composite PMI for for October which was reported at 53.1.
- Australian AiG Performance of Services Index: The Australian AiG Performance of Services Index for November was reported at 51.7. Forex traders can compare this to the Australian AiG Performance of Services Index for October which was reported at 51.4.
- Australian ANZ Roy Morgan Weekly Consumer Confidence Index: The Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of December 3rd was reported at 115.8. Forex traders can compare this to the Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of November 26th which was reported at 115.0.
- Australian Current Account Balance: The Australian Current Account Balance for the third-quarter was reported at -A$9.1B. Economists predicted a figure of -A$9.0B. Forex traders can compare this to the Australian Current Account Balance for the second-quarter which was reported at -A$9.7B. Australian Net Exports of GDP for the third-quarter were reported flat at 0.0% quarterly. Economists predicted an increase of 0.25% quarterly. Forex traders can compare this to Australian Net Exports of GDP for the second-quarter which increased by 0.30% quarterly.
- Australian Retail Sales: Australian Retail Sales for October increased by 0.5% monthly. Economists predicted an increase of 0.3% monthly. Forex traders can compare this to Australian Retail Sales for September which increased by 0.1% monthly.
- Australian RBA Interest Rate Decision: The Australian RBA kept interest rates at 1.50%, which matched economists expectations. Forex traders can compare this to the previous Australian RBA Interest Rate Decision where interest rates were left unchanged at 1.50%.
Should price action for the EURAUD remain inside the or breakdown below the 1.5500 to 1.5560 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.5530
- Take Profit Zone: 1.5085 – 1.5185
- Stop Loss Level: 1.5635
Should price action for the EURAUD breakout above 1.5560 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.5610
- Take Profit Zone: 1.5730 – 1.5770
- Stop Loss Level: 1.5560
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