Here are the key factors to keep in mind today for British Pound trades:
- UK BRC Shop Price Index: The UK BRC Shop Price Index for March increased by 0.9% annualized. Forex traders can compare this to the UK BRC Shop Price Index February which increased by 0.7% annualized.
- UK Markit/CIPS Services PMI and Markit/CIPS Composite PMI: The UK Markit/CIPS Services PMI for March is predicted at 51.0 and the UK Markit/CIPS Composite PMI is predicted at 51.2. Forex traders can compare this to the UK Markit/CIPS Services PMI for February which was reported at 51.3 and to the UK Markit/CIPS Composite PMI which was reported at 51.5.
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 March was reported at 44.8. Forex traders can compare this to the Australian AiG Performance of Services Index for February which was reported at 44.5.
- Australian CBA Services PMI and CBA Composite PMI: The Final Australian CBA Services PMI for March was reported at 49.3. Forex traders can compare this to the previous Australian CBA Services PMI for March which was reported at 49.8. The Final Australian CBA Composite PMI for March was reported at 49.5. Forex traders can compare this to the previous Australian CBA Composite PMI for for March which was reported at 50.0.
- Australian Retail Sales: Australian Retail Sales for February increased by 0.8% monthly. Economists predicted an increase of 0.3% monthly. Forex traders can compare this to Australian Retail Sales for January which increased by 0.1% monthly.
- Australian Trade Balance: The Australian Trade Balance for February was reported at A$4,801M. Economists predicted a figure of A$3,700M. Forex traders can compare this to the Australian Trade Balance for January which was reported at A$4,351M.
- Chinese Caixin Services PMI and Chinese Caixin Composite PMI: The Chinese Caixin Services PMI for March was reported at 54.4. Economists predicted a figure of 52.3. Forex traders can compare this to the Chinese Caixin Services PMI for February which was reported at 51.1. The Chinese Caixin Composite PMI for March was reported at 52.9. Forex traders can compare this to the Chinese Caixin Composite PMI for for February which was reported at 50.7.
Should price action for the GBPAUD remain inside the or breakdown below the 1.8425 to 1.8600 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.8530
- Take Profit Zone: 1.7870 – 1.7990
- Stop Loss Level: 1.8670
Should price action for the GBPAUD breakout above 1.8600 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.8655
- Take Profit Zone: 1.8860 – 1.9030
- Stop Loss Level: 1.8600
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
