Here is the key factor to keep in mind today for Euro trades:

• German Trade Balance & German Current Account Balance: The German Trade Balance for August was reported at a €17.2B. Economists predicted a figure of €16.2B. Forex traders can compare this to German Trade Balance for July which was reported at €16.5B. Exports decreased by 0.1% monthly and Imports decreased by 2.7% monthly. Economists predicted an increase of 0.4% monthly and of 0.1% monthly. Forex traders can compare this to Exports for July which decreased by 0.8% monthly and to Imports which increased by 2.8% monthly. The German Current Account Balance for August was reported at a €15.3B. Economists predicted a figure of €16.2B. Forex traders can compare this to the German Current Account Balance for July which was reported at €15.3B.

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 October 7th was reported at 117.3. Forex traders can compare this to the Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of September 30th which was reported at 118.1.
• Australian NAB Business Conditions and Australian NAB Business Confidence: Australian NAB Business Conditions for September were reported at 15 and Australian NAB Business Confidence at 6. Forex traders can compare this to NAB Business Conditions for August which were reported at 15 and to Australian NAB Business Confidence which was reported at 4.

Should price action for the EURAUD remain inside the or breakdown below the 1.6200 to 1.6260 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 1.6125
• Take Profit Zone: 1.5830 – 1.5900
• Stop Loss Level: 1.6350

Should price action for the EURAUD breakout above 1.6260 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 1.6280
• Take Profit Zone: 1.6500 – 1.6580
• Stop Loss Level: 1.6200

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