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 February was reported at 55.0. Economists predicted a figure of 57.0. Forex traders can compare this to the Italian Markit Services PMI for for January which was reported at 57.7. The Italian Markit Composite PMI for February was reported at 56.0. Economists predicted a figure of 57.9. Forex traders can compare this to the Italian Markit Composite PMI for for January which was reported at 59.0.
- French Services PMI and Composite PMI: The Final French Markit Services PMI for February was reported at 57.4. Economists predicted a figure of 57.9. Forex traders can compare this to the previous French Markit Services PMI for for February which was reported at 57.9. The Final French Markit Composite PMI for February was reported at 57.3. Economists predicted a figure of 57.8. Forex traders can compare this to the previous French Markit Composite PMI for for February which was reported at 57.8.
- German Services PMI and Composite PMI: The Final German Markit Services PMI for February was reported at 55.3. Economists predicted a figure of 55.3. Forex traders can compare this to the previous German Markit Services PMI for for February which was reported at 55.3. The Final German Markit/BME Composite PMI for February was reported at 57.6. Economists predicted a figure of 57.4. Forex traders can compare this to the previous German Markit/BME Composite PMI for for February which was reported at 57.4.
- Eurozone Services PMI and Composite PMI: The Final Eurozone Markit Services PMI for February was reported at 56.2. Economists predicted a figure of 56.7. Forex traders can compare this to the previous Eurozone Markit Services PMI for for February which was reported at 56.7. The Final Eurozone Markit Composite PMI for February was reported at 57.1. Economists predicted a figure of 57.5. Forex traders can compare this to the previous Eurozone Markit Composite PMI for for February which was reported at 57.5.
- Eurozone Sentix Investor Confidence: Eurozone Sentix Investor Confidence for March was reported at 24.0. Economists predicted a figure of 30.9. Forex traders can compare this to Eurozone Sentix Investor Confidence for February which was reported at 31.9.
- Eurozone Retail Sales: Eurozone Retail Sales for January decreased by 0.1% monthly and increased by 2.3% annualized. Economists predicted a decrease of 0.1% monthly and an increase of 2.0% annualized. Forex traders can compare this to Eurozone Retail Sales for December which decreased by 1.0% monthly and which increased by 2.1% annualized.
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 February was reported at 54.0. Forex traders can compare this to the Australian AiG Performance of Services Index for January which was reported at 54.9.
- Australian CBA Services PMI and CBA Composite PMI: The Australian CBA Services PMI for February was reported at 54.2. Forex traders can compare this to the Australian CBA Services PMI for January which was reported at 53.8. The Australian CBA Composite PMI for February was reported at 54.3. Forex traders can compare this to the Australian CBA Composite PMI for for January which was reported at 54.2.
- Australian TD Securities Inflation: Australian TD Securities Inflation for February decreased by 0.1% monthly and increased by 2.1% annualized. Forex traders can compare this to Australian TD Securities Inflation for January which increased by 0.3% monthly and by 2.0% annualized.
- Australian Inventories and Company Operating Profits: Australian Inventories for the fourth-quarter increased by 0.2% quarterly and Australian Company Operating Profits increased by 2.2% quarterly. Economists predicted an increase of 0.5% and of 1.5%. Forex traders can compare this to Australian Inventories for the third-quarter which increased by 0.1% quarterly and to Australian Company Operating Profits which decreased by 0.1% quarterly.
- Australian Building Approvals: Australian Building Approvals for January increased by 17.1% monthly and by 12.0% annualized. Economists predicted an increase of 5.0% monthly and a decrease of 0.5% annualized. Forex traders can compare this to Australian Building Approvals for December which decreased by 20.6% monthly and by 5.0% annualized.
- Australian ANZ Job Advertisements: Australian ANZ Job Advertisements for February decreased by 0.3% monthly. Forex traders can compare this to Australian ANZ Job Advertisements for January which increased by 6.2% monthly.
- Chinese Caixin Services PMI and Chinese Caixin Composite PMI: The Chinese Caixin Services PMI for February was reported at 54.2. Forex traders can compare this to the Chinese Caixin Services PMI for January which was reported at 54.7. The Chinese Caixin Composite PMI for February was reported at 53.3. Forex traders can compare this to the Chinese Caixin Composite PMI for for January which was reported at 53.7.
Should price action for the EURAUD remain inside the or breakdown below the 1.5870 to 1.5930 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.5900
- Take Profit Zone: 1.5495 – 1.5555
- Stop Loss Level: 1.6030
Should price action for the EURAUD breakout above 1.5930 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.5960
- Take Profit Zone: 1.6250 – 1.6300
- Stop Loss Level: 1.5870
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