Here are the key factors to keep in mind today for British Pound trades:
- UK Public Sector Net Borrowing: UK Public Sector Net Borrowing for February is predicted at -£0.8B and UK Public Sector Net Borrowing excluding Banking Groups at £0.4B. Forex traders can compare this to UK Public Sector Net Borrowing for January which was reported at -£15.8B and to UK Public Sector Net Borrowing excluding Banking Groups which was reported at -£14.9B.
- UK Retail Sales: UK Retail Sales for February are predicted to decrease by 0.4% monthly and to increase by 3.5% annualized. Forex traders can compare this to UK Retail Sales for January which increased by 1.2% monthly and by 4.1% annualized. UK Retail Sales Including Auto and Fuel for February are predicted to decrease by 0.4% monthly and to increase by 3.3% annualized. Forex traders can compare this to UK Retail Sales Including Auto and Fuel for January which increased by 1.0% monthly and by 4.2% annualized.
- 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 are the key factors to keep in mind today for Australian Dollar trades:
- RBA FX Transactions: RBA FX Transactions for February were reported at A$432M. Forex traders can compare this to RBA FX Transactions for January which were reported at A$337. RBA FX Government Transactions for February were reported at -A$517M and RBA FX Other Transactions were reported at -A$1,103M. Forex traders can compare this to RBA FX Government Transactions for January which were reported at -A$546 and to RBA FX Other Transactions which were reported at -A$5,637M.
- Australian Employment Report: The Australian Employment Change for February was reported at 4.6K. Economists predicted a figure of 15.0K. Forex traders can compare this to the Australian Employment Change for January which was reported at 38.3K. The Unemployment Rate for February was reported at 4.9%. Economists predicted a reading of 5.0%. Forex traders can compare this to the Unemployment Rate for January which was reported at 5.0%. 7.3K Full-Time Positions were lost and 11.9K Part-Time Positions were created in February. Forex traders can compare this to the creation of 65.6K Full-Time Positions and to the loss of 27.3K Part-Time Positions which were reported in January. The Labor Force Participation Rate for February was reported at 65.6%. Economists predicted a reading of 65.7%. Forex traders can compare this to the Labor Force Participation Rate for January which was reported at 65.7%.
Should price action for the GBPAUD remain inside the or breakdown below the 1.8390 to 1.8520 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.8500
- Take Profit Zone: 1.7870 – 1.7990
- Stop Loss Level: 1.8630
Should price action for the GBPAUD breakout above 1.8520 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.8580
- Take Profit Zone: 1.8770 – 1.8860
- Stop Loss Level: 1.8500
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
