Here are the key factors to keep in mind today for Euro trades:
- German Factory Orders: German Factory Orders for January decreased by 7.4% monthly and by 0.8% annualized. Economists predicted a decrease of 2.5% monthly and an increase of 4.3% annualized. Forex traders can compare this to German Factory Orders for December which increased by 5.2% monthly and by 8.0% annualized.
- Final Eurozone GDP: The Final Eurozone GDP for the fourth-quarter is predicted to increase by 0.4% quarterly and by 1.7% annualized. Forex traders can compare this to the original Eurozone GDP for the fourth-quarter which increased by 0.4% quarterly and by 1.7% annualized. Final Eurozone Gross Fixed Capital is predicted to increase by 0.6% quarterly. Forex traders can compare this to the previous Eurozone Gross Fixed Capital which increased by 0.2% quarterly. Final Eurozone Government Expenditure is predicted to increase by 0.4% quarterly. Forex traders can compare this to the previous Eurozone Government Expenditure which increased by 0.5% quarterly. Final Eurozone Household Consumption is predicted to increase by 0.5% quarterly. Forex traders can compare this to the previous Eurozone Household Consumption which increased by 0.3% quarterly.
Here is the key factor to keep in mind today for Australian Dollar trades:
- Australian RBA Interest Rate Decision: The Australian RBA Interest Rate Decision kept interest rates at 1.50%. Economists predicted interest rates at 1.50%. 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 breakout above the 1.3900 to 1.3975 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3940
- Take Profit Zone: 1.4600 – 1.4700
- Stop Loss Level: 1.3800
Should price action for the EURAUD breakdown below 1.3900 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3850
- Take Profit Zone: 1.3600 – 1.3700
- Stop Loss Level: 1.3900
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
