Here are the key factors to keep in mind today for British Pound trades:
- UK Trade Balance: The UK Visible Trade Balance for January is predicted at -£12.200B. Forex traders can compare this to the UK Visible Trade Balance for December which was reported at -£12.102B. The UK Trade Balance Non EU for January is predicted at -£3.800B. Forex traders can compare this to the UK Trade Balance Non EU for December which was reported at -£3.642B. The UK Total Trade Balance for January is predicted at -£3.500B. Forex traders can compare this to the UK Total Trade Balance for December which was reported at -£3.229B.
- UK Industrial Production and UK Manufacturing Production: UK Industrial Production for January is predicted to increase by 0.2% monthly and to decrease by 1.3% annualized. Forex traders can compare this to UK Industrial Production for December which decreased by 0.5% monthly and by 0.9% annualized. UK Manufacturing Production for January is predicted to increase by 0.2% monthly and to decrease by 1.9% annualized. Forex traders can compare this to UK Manufacturing Production for December which decreased by 0.7% monthly and by 2.1% annualized.
- UK Construction Output Seasonally Adjusted: UK Construction Output Seasonally Adjusted for January is predicted to increase by 0.8% monthly and to decrease by 0.2% annualized. Forex traders can compare this to UK Construction Output Seasonally Adjusted for December which decreased by 2.8% monthly and by 2.4% annualized.
- UK GDP: The UK GDP for January is predicted to increase by 0.2% 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 decreased by 0.4% monthly and which increased by 0.4% for the three-month-over-three-month period ending in December.
- UK Index of Services: The UK Index of Services for January is predicted to increase by 0.2% monthly and by 0.5% 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 decreased by 0.2% monthly and which increased by 0.4% for the three-month-over-three-month period ending in December.
Here are the key factors to keep in mind today for Australian Dollar trades:
- Australian ANZ Roy Morgan Weekly Consumer Confidence Index: The Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of March 10th was reported at 109.5. Forex traders can compare this to the Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of March 3rd which was reported at 114.8.
- Australian NAB Business Conditions and Australian NAB Business Confidence: Australian NAB Business Conditions for February were reported at 4 and Australian NAB Business Confidence at 2. Forex traders can compare this to NAB Business Conditions for January which were reported at 7 and to Australian NAB Business Confidence which was reported at 4.
- Australian Home Loans and Investment Lending: Australian Home Loans for January decreased by 1.2% monthly. Economists predicted a decrease of 2.0% monthly. Forex traders can compare this to Australian Home Loans for December which decreased by 8.0% monthly. Australian Investment Lending for January decreased by 4.1% monthly and the Value of Loans decreased by 1.3% monthly. Economists predicted a decrease of 1.5% and a flat reading of 0.0%. Forex traders can compare this to Australian Investment Lending for December which decreased by 4.6% monthly and to the Value of Loans which decreased by 5.3% monthly.
Should price action for the GBPAUD remain inside the or breakdown below the 1.8635 to 1.8775 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.8680
- Take Profit Zone: 1.2300 – 1.2400
- Stop Loss Level: 1.8850
Should price action for the GBPAUD breakout above 1.8775 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.8845
- Take Profit Zone: 1.9035 – 1.9100
- Stop Loss Level: 1.8775
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