Here are the key factors to keep in mind today for British Pound trades:
- UK Industrial Production and UK Manufacturing Production: UK Industrial Production for December is predicted to decrease by 0.9% monthly and to increase by 0.4% annualized. Forex traders can compare this to UK Industrial Production for November which increased by 0.4% monthly and by 2.5% annualized. UK Manufacturing Production for December is predicted to increase by 0.3% monthly and by 1.2% annualized. Forex traders can compare this to UK Manufacturing Production for November which increased by 0.4% monthly and by 3.5% annualized.
- UK Construction Output Seasonally Adjusted: UK Construction Output Seasonally Adjusted for December is predicted to decrease by 0.1% monthly and by 1.9% annualized. Forex traders can compare this to UK Construction Output Seasonally Adjusted for November which increased by 0.4% monthly and by 0.4% annualized.
- UK Trade Balance: The UK Visible Trade Balance for December is predicted at -£11.550B. Forex traders can compare this to the UK Visible Trade Balance for November which was reported at -£12.231B. The UK Trade Balance Non EU for December is predicted at -£4.050B. Forex traders can compare this to the UK Trade Balance Non EU for November which was reported at -£4.675B. The UK Total Trade Balance for December is predicted at -£2.400B. Forex traders can compare this to the UK Total Trade Balance for November which was reported at -£2.804B.
- UK NIESR GDP Estimate: The UK NIESR GDP Estimate for January is predicted to increase by 0.5% monthly. Forex traders can compare this to the UK NIESR GDP Estimate for December which increased by 0.6% monthly.
Here are the key factors to keep in mind today for Australian Dollar trades:
- Australian Home Loans and Investment Lending: Australian Home Loans for December decreased by 2.3% monthly. Economists predicted a decrease of 1.0% monthly. Forex traders can compare this to Australian Home Loans for November which increased by 2.1% monthly. Australian Investment Lending for December decreased by 2.6% monthly and the Value of Loans decreased by 1.0% monthly. Forex traders can compare this to Australian Investment Lending for November which increased by 1.5% monthly and to the Value of Loans which increased by 2.7% monthly.
- Chinese PPI and Chinese CPI: The Chinese PPI for January increased by 4.3% annualized and the Chinese CPI increased by 1.5% annualized. Economists predicted an increase of 4.2% and of 1.5%. Forex traders can compare this to the Chinese PPI for December which increased by 4.9% annualized and to the Chinese CPI which increased by 1.8% annualized.
Should price action for the GBPAUD remain inside the or breakdown below the 1.7900 to 1.7960 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.7930
- Take Profit Zone: 1.7350 – 1.7400
- Stop Loss Level: 1.8000
Should price action for the GBPAUD breakout above 1.7960 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.7990
- Take Profit Zone: 1.8245 – 1.8295
- Stop Loss Level: 1.7900
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
