justatrader

EURAUD - Ahead of Aussie employment data

FX:EURAUD   Euro / Australian Dollar
214 0 5
This is the update to the EURAUD             head and shoulders trade idea mentioned here

In this chart, i've plotted the fundamentals, namely the Aussie labour stats. Some points of note:

1. On each of these days, only the Aussie data was important. There wasn't any Eurozone data released. So we can assume that the bullish/bearish strength was mostly driven by the Aussie unemployment data.

2. Past revisions definitely play a big role in strengthening the bullish or bearish bias. Ex: Look at data revisions for 16/01 (# employed revised downward from 21k to 15.4k) and last month's release where # employed revised from -3.7 to 18k (extremely bullish Aussie).

Tomorrow's data:

# of employed expected to increase only by 7.3k while unemployment rate is expected to rise to 6.1%

I'll refrain from forecasting the scenarios, but traders do keep the following in mind:

# of employed: Actual vs forecast
Unemployment rate: Actual vs forecast
Revisions: Revised up or down

Assuming the range is 250 pips, this gives an upside target back to the neckline while a downside target range of 150Pips brings EURAUD             closer to the target region of 1.45 - 1.4345

Note that the current estimates are bearish , so ideally Aussie should be able to beat the numbers. A less than expected number is going to make EURAUD             shorts risky.

Good luck!!
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
ประเทศไทย
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out