Here are the key factors to keep in mind today for Euro trades:
- German PPI: The German PPI for June was reported flat at 0.0% monthly and increased by 2.4% annualized. Economists predicted a decrease of 0.1% monthly and an increase of 2.3% annualized. Forex traders can compare this to the German PPI for May which decreased by 0.2% monthly and which increased by 2.8% annualized.
- Eurozone Current Account: The Eurozone Current Account (s.a.) for May was reported at €30.1B and the Eurozone Current Account (n.s.a) was reported at €18.3B. Forex traders can compare this to the Eurozone Current Account (s.a.) for April which was reported at €23.5B and to the Eurozone Current Account (n.s.a.) which was reported at €22.8B.
- ECB Rate Decision: The ECB is predicted to keep its Interest Rate at 0.00%, its Deposit Facility Rate at -0.40% and its Marginal Lending Facility Rate at 0.25%; this would equal no change in the ECB rate policy from the previous meeting. The Asset Purchase Target is predicted at €60B, for no change from the €60B reported during the previous meeting.
- Eurozone Consumer Confidence: Eurozone Consumer Confidence for July is predicted at -1.2. Forex traders can compare this to Eurozone Consumer Confidence for June which was reported at -1.3.
Here are the key factors to keep in mind today for Australian Dollar trades:
- Australian NAB Business Confidence: Australian NAB Business Confidence for the second-quarter was reported at 7. Forex traders can compare this to Australian NAB Business Confidence for the first-quarter which was reported at 7.
- Australian Employment Report: The Australian Employment Change for June was reported at 14.0K. Economists predicted a figure of 15.0K. Forex traders can compare this to the Australian Employment Change for May which was reported at 38.0K. The Unemployment Rate for June was reported at 5.6%. Economists predicted a reading of 5.6%. Forex traders can compare this to the Unemployment Rate for May which was reported at 5.6%. 62.0K Full-Time Positions were created in June and 48.0K Part-Time Positions were lost. Forex traders can compare this to the creation of 53.4K Full-Time Positions and the loss of 15.4K Part-Time Positions in May. The Labor Force Participation Rate for June was reported at 65.0%. Economists predicted a reading of 64.9%. Forex traders can compare this to the Labor Force Participation Rate for May which was reported at 64.9%.
Should price action for the EURAUD remain inside the or breakout above the 1.4530 to 1.4580 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.4550
- Take Profit Zone: 1.5180 – 1.5220
- Stop Loss Level: 1.4200
Should price action for the EURAUD breakdown below 1.4530 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.4490
- Take Profit Zone: 1.4200 – 1.4240
- Stop Loss Level: 1.4580
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
