Australian Westpac Consumer Confidence for June increased by 6.3% monthly to 93.7. Forex traders can compare this to Australian Westpac Consumer Confidence for May, which increased by 16.4% monthly to 88.1. Australian Home Loans for April decreased by 4.4% monthly, and Investment Lending decreased by 4.2% monthly. Forex traders can compare this to Australian Home Loans for March, which decreased by 1.0% monthly, and to Investment Lending, which decreased by 3.9% monthly. The Chinese PPI for May decreased by 3.7% annualized, and the Chinese CPI increased by 2.4% annualized. Economists predicted a decrease of 3.3% and an increase of 2.7%. Forex traders can compare this to the Chinese PPI for April, which decreased by 3.1% annualized and to the Chinese CPI, which increased by 3.3% annualized.
Our Analysis:
Should price action for the AUD/USD remain inside the or breakdown below the 0.6950 to 0.7050 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.7000
- Take Profit Zone: 0.6290 – 0.6375
- Stop Loss Level: 0.7070
Alternative scenario:
Should price action for the AUD/USD breakout above 0.7050 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.7070
- Take Profit Zone: 0.7175 – 0.7210
- Stop Loss Level: 0.7000
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