Here are the key factors to keep in mind today for British Pound trades:
- UK BRC Like-for-Like Sales: UK BRC Like-for-Like Sales for January increased by 1.8% annualized. Economists predicted a decrease of 0.2% annualized. Forex traders can compare this to UK BRC Like-for-Like Sales for December which decreased by 0.7% annualized.
- UK Markit/CIPS Services PMI and Markit/CIPS Composite PMI: The UK Markit/CIPS Services PMI for January is predicted at 51.0 and the UK Markit/CIPS Composite PMI is predicted at 51.5. Forex traders can compare this to the UK Markit/CIPS Services PMI for December which was reported at 51.2 and to the UK Markit/CIPS Composite PMI which was reported at 51.4.
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 January was reported at 44.3. Forex traders can compare this to the Australian AiG Performance of Services Index for December which was reported at 52.1.
- Australian CBA Services PMI and CBA Composite PMI: The Final Australian CBA Services PMI for January was reported at 51.0. Forex traders can compare this to the previous Australian CBA Services PMI for January which was reported at 51.0. The Final Australian CBA Composite PMI for January was reported at 51.3. Forex traders can compare this to the previous Australian CBA Composite PMI for for January which was reported at 51.5.
- Australian ANZ Roy Morgan Weekly Consumer Confidence Index: The Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of February 3rd was reported at 118.1. Forex traders can compare this to the Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of January 27th which was reported at 116.5.
- Australian Trade Balance: The Australian Trade Balance for December was reported at A$3,681M. Economists predicted a figure of A$2,225M. Forex traders can compare this to the Australian Trade Balance for November which was reported at A$1,925M.
- Australian Retail Sales: Australian Retail Sales for December decreased by 0.4% monthly. Economists predicted a flat reading of 0.0% monthly. Forex traders can compare this to Australian Retail Sales for November which increased by 0.4% monthly. Australian Retail Sales excluding Inflation for the fourth-quarter increased by 0.1% quarterly. Economists predicted an increase of 0.5% quarterly. Forex traders can compare this to Australian Retail Sales excluding Inflation for the third-quarter which increased by 0.2% quarterly.
- Australian RBA Interest Rate Decision: The Australian RBA kept interest rates at 1.50%. Economists predicted interest rates 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%.
Should price action for the GBPAUD remain inside the or breakout above the 1.7915 to 1.8100 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.7965
- Take Profit Zone: 1.8345 – 1.8520
- Stop Loss Level: 1.7800
Should price action for the GBPAUD breakdown below 1.7915 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.7875
- Take Profit Zone: 1.7475 – 1.7615
- Stop Loss Level: 1.7965
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
