Here are the key factors to keep in mind today for Euro trades:
- German Industrial Production: German Industrial Production for September decreased by 1.6% monthly and increased by 3.6% annualized. Economists predicted a decrease of 0.8% monthly and an increase of 4.4% annualized. Forex traders can compare this to German Industrial Production for August which increased by 2.6% monthly and by 4.6% annualized.
- German Markit Construction PMI: The German Markit Construction PMI for October was reported at 53.3. Forex traders can compare this to the German Markit Construction PMI for September which was reported at 53.4.
- Eurozone Retail PMI: The Eurozone Retail PMI for October was reported at 51.1. Forex traders can compare this to the Eurozone Retail PMI for September which was reported at 52.3. The German Retail PMI for October was reported at 51.2. Forex traders can compare this to the German Retail PMI for September which was reported at 52.8. The French Retail PMI for October was reported at 51.5. Forex traders can compare this to the French Retail PMI for September which was reported at 53.3. The Italian Retail PMI for October was reported at 50.3. Forex traders can compare this to the Italian Retail PMI for September which was reported at 50.2.
- Eurozone Retail Sales: Eurozone Retail Sales for September increased by 0.7% monthly and by 3.7% annualized. Economists predicted an increase of 0.6% monthly and of 2.8% annualized. Forex traders can compare this to Eurozone Retail Sales for August which decreased by 0.1% monthly and which increased by 2.3% annualized.
Here are the key factors to keep in mind today for Australian Dollar trades:
- Australian AiG Performance of Construction Index: The Australian AiG Performance of Construction Index for October was reported at 53.2. Forex traders can compare this to the Australian AiG Performance of Construction Index for September which was reported at 54.7.
- Australian ANZ Roy Morgan Weekly Consumer Confidence Index: The Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of November 5th was reported at 112.6. Forex traders can compare this to the Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of October 29th which was reported at 113.4.
- Australian RBA Interest Rate Decision: The Australian RBA kept interest rates at 1.50%. Economists expected no change 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%.
- Australian Foreign Reserves: Australian Foreign Reserves for October were reported at A$78.1B. Forex traders can compare this to Australian Foreign Reserves for September which were reported at A$74.9B.
Should price action for the EURAUD remain inside the or breakout above the 1.5075 to 1.5125 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.5100
- Take Profit Zone: 1.5225 – 1.5250
- Stop Loss Level: 1.5050
Should price action for the EURAUD breakdown below 1.5075 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.5025
- Take Profit Zone: 1.4900 – 1.4950
- Stop Loss Level: 1.5075
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