Here are the key factors to keep in mind today for Euro trades:

• German Trade Balance & German Current Account Balance: The German Trade Balance for March was reported at a €25.2B. Economists predicted a figure of €22.5B. Forex traders can compare this to German Trade Balance for February which was reported at €18.5B. Exports increased by 1.7% monthly and Imports decreased by 0.9% monthly. Economists predicted an increase of 1.8% monthly and of 1.0% monthly. Forex traders can compare this to Exports for February which decreased by 3.2% monthly and to Imports which decreased by 1.3% monthly. The German Current Account Balance for March was reported at a €29.1B. Economists predicted a figure of €27.0B. Forex traders can compare this to the German Current Account Balance for February which was reported at €20.7B.
• German Industrial Production: German Industrial Production for March increased by 1.0% monthly and by 3.2% annualized. Economists predicted an increase of 0.8% monthly and of 3.0% annualized. Forex traders can compare this to German Industrial Production for February which decreased by 1.6% monthly and which increased by 2.6% annualized.

Here are the key factors to keep in mind today for Australian Dollar trades:

• Australian ANZ Roy Morgan Weekly Consumer Confidence Index: The Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of May 6th was reported at 119.6. Forex traders can compare this to the Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of April 29th which was reported at 119.2.
• Australian Retail Sales: Australian Retail Sales for March were reported flat at 0.0% monthly. Economists predicted an increase of 0.2% monthly. Forex traders can compare this to Australian Retail Sales for February which increased by 0.6% monthly. Australian Retail Sales excluding Inflation for the first-quarter increased by 0.2% quarterly. Economists predicted an increase of 0.6% quarterly. Forex traders can compare this to Australian Retail Sales excluding Inflation for the fourth-quarter which increased by 0.9% quarterly.
• Chinese Trade Balance: The Chinese Trade Balance for April was reported at $28.78B. Economists predicted a figure of $27.75B. Forex traders can compare this to the Chinese Trade Balance for March which was reported at -$4.98B. Exports increased by 12.9% annualized and Imports increased by 21.5% annualized. Economists predicted an increase of 8.0% and of 16.0%. Forex traders can compare this to Exports for March which decreased by 2.7% annualized and to Imports which increased by 14.4% annualized.

Should price action for the EURAUD remain inside the or breakout above the 1.5840 to 1.5940 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 1.5900
• Take Profit Zone: 1.6190 – 1.6250
• Stop Loss Level: 1.5775

Should price action for the EURAUD breakdown below 1.5840 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 1.5820
• Take Profit Zone: 1.5620 – 1.5640
• Stop Loss Level: 1.5900

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