Here are the key factors to keep in mind today for Euro trades:
- German PPI: The German PPI for May decreased by 0.2% monthly and increased by 2.8% annualized. Economists predicted a decrease of 0.1% monthly and an increase of 2.9% annualized. Forex traders can compare this to the German PPI for April which increased by 0.4% monthly and by 3.4% annualized.
- Eurozone Current Account: The Eurozone Current Account (s.a.) for April was reported at €22.0B and the Eurozone Current Account (n.s.a) was reported at €21.5B. Forex traders can compare this to the Eurozone Current Account (s.a.) for March which was reported at €35.7B and to the Eurozone Current Account (n.s.a.) which was reported at €46.4B.
Here is the key factor to keep in mind today for Australian Dollar trades:
- Australian House Price Index: The Australian House Price Index for the first-quarter increased by 2.2% quarterly and by 10.2% annualized. Economists predicted an increase of 2.2% quarterly and of 8.9% annualized. Forex traders can compare this to the Australian House Price Index for the fourth-quarter which increased by 4.1% quarterly and by 7.7% annualized.
Should price action for the EURAUD remain inside the or breakdown below the 1.4625 to 1.4675 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.4650
- Take Profit Zone: 1.4000 – 1.4100
- Stop Loss Level: 1.4800
Should price action for the EURAUD breakout above 1.4800 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.4850
- Take Profit Zone: 1.5100 – 1.5150
- Stop Loss Level: 1.4625
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
