Here are the key factors to keep in mind today for British Pound trades:
- UK Retail Sales: UK Retail Sales for November are predicted to increase by 0.3% monthly and by 2.0% annualized. Forex traders can compare this to UK Retail Sales for October which decreased by 0.5% monthly and which increased by 2.2% annualized. UK Retail Sales Including Auto and Fuel for November are predicted to increase by 0.2% monthly and by 2.3% annualized. Forex traders can compare this to UK Retail Sales Including Auto and Fuel for October which decreased by 0.4% monthly and which increased by 2.7% annualized.
- UK CBI Reported Sales and CBI Total Distributed Reported Sales: UK CBI Reported Sales for December are predicted at 15 and CBI Total Distributed Reported Sales are predicted at 12. Forex traders can compare this to UK CBI Reported Sales for November which were reported at 19 and to CBI Total Distributed Reported Sales which were reported at 18.
- Bank of England Interest Rate Decision, Asset Purchase Target and Corporate Bond Target: The Bank of England is predicted to keep interest rates at 0.75%, the Asset Purchase Target £435B and the Corporate Bond Target at £10B. Forex traders can compare this to the previous Bank of England meeting where the UK central bank decided to keep interest rates at 0.75%, the Asset Purchase Target £435B and the Corporate Bond Target at £10B.
Here is the key factor to keep in mind today for Australian Dollar trades:
- Australian Employment Report: The Australian Employment Change for November was reported at 37.0K. Economists predicted a figure of 20.0K. Forex traders can compare this to the Australian Employment Change for October which was reported at 32.8K. The Unemployment Rate for November was reported at 5.1%. Economists predicted a reading of 5.0%. Forex traders can compare this to the Unemployment Rate for October which was reported at 5.0%. 6.4K Full-Time Positions were lost and 43.4K Part-Time Positions were created in November. Forex traders can compare this to the creation of 42.3K Full-Time Positions and to the loss of 9.5K Part-Time Positions which were reported in October. The Labor Force Participation Rate for November was reported at 65.7%. Economists predicted a reading of 65.6%. Forex traders can compare this to the Labor Force Participation Rate for October which was reported at 65.6%.
Should price action for the GBPAUD remain inside the or breakout above the 1.7720 to 1.7850 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.7800
- Take Profit Zone: 1.8235 – 1.8400
- Stop Loss Level: 1.7650
Should price action for the GBPAUD breakdown below 1.7720 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.7590
- Take Profit Zone: 1.7215 – 1.7390
- Stop Loss Level: 1.7720
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
