Australian Westpac Consumer Confidence for March decreased by 3.8% monthly to 91.9. Forex traders can compare this to Australian Westpac Consumer Confidence for February, which increased by 2.3% monthly to 95.5. Australian Home Loans for January increased by 4.6% monthly. Economists predicted an increase of 3.0% monthly. Forex traders can compare this to Australian Home Loans for December, which increased by 4.5% monthly. Australian Investment Lending for January increased by 3.6% monthly and the Owner-Occupier Loan Value increased by 5.0% monthly. Economists predicted an increase of 2.3% and 2.8%. Forex traders can compare this to Australian Investment Lending for December, which increased by 3.0% monthly and to Owner-Occupier Loan Value, which increased by 5.0% monthly.
UK Construction Output Seasonally Adjusted for January is predicted flat at 0.0% monthly, and to increase by 2.4% annualized. Forex traders can compare this to UK Construction Output Seasonally Adjusted for December, which increased by 0.4% monthly and 5.0% annualized. UK Industrial Production for January is predicted to increase by 0.3% monthly, and to decrease by 2.6% annualized. Forex traders can compare this to UK Industrial Production for December, which increased by 0.1% monthly, and which decreased 1.8% annualized. UK Manufacturing Production for January is predicted to increase by 0.3% monthly, and to decrease by 3.5% annualized. Forex traders can compare this to UK Manufacturing Production for December, which increased by 0.3% monthly, and which decreased by 2.5% annualized.
The UK GDP for January is predicted to increase by 0.1% monthly and by 0.2% for the three-month-over-three-month period ending in January. Forex traders can compare this to the UK GDP for December, which increased by 0.1% monthly and by 0.3% for the three-month-over-three-month period ending in December. The UK Index of Services for January is predicted to increase by 0.2% monthly, and by 0.1% for the three-month-over-three-month period ending in January. Forex traders can compare this to the UK Index of Services for December, which increased by 0.3% monthly and by 0.1% for the three-month-over-three-month period ending in December.
The UK Visible Trade Balance for January is predicted at -£7.000B. Forex traders can compare this to the UK Visible Trade Balance for December, which was reported at £0.845B. The UK Trade Balance Non EU for January is predicted at -£1.500B. Forex traders can compare this to the UK Trade Balance Non EU for December, which was reported at £6.721B. The UK Total Trade Balance for January is predicted at -£356B. Forex traders can compare this to the UK Total Trade Balance for December, which was reported at £7.715B. The GBP/AUD forecast remains upbeat, but will bulls get the data they need to continue their advance or are bears preparing their next move?
Should price action for the GBP/AUD remain inside the or breakout above the 1.9725 to 1.9900 zone the following trade set-up is recommended:
Timeframe: D1
Recommendation: Long Position
Entry Level: Long Position @ 1.9875
Take Profit Zone: 2.0525 – 2.0775
Stop Loss Level: 1.9675
Should price action for the GBP/AUD breakdown below 1.9725 the following trade set-up is recommended:
Timeframe: D1
Recommendation: Short Position
Entry Level: Short Position @ 1.9675
Take Profit Zone: 1.9300 – 1.9400
Stop Loss Level: 1.9775
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