The Australian Employment Change release today will provide market momentum for the AUD and considering recent positive support in the currency, any strong readings today will add to that momentum and potentially change our outlook and forecast for future AUD trades.
In short, right now we are looking to BUY on dips, if we were to get a favorable figure, we could turn this news short term trade into a long term trade as AUD could be gearing for a breakout.
9:30pm (NY Time) AU Employment Change Forecast 15.3K Previous 42.0K
The Trade Plan
We´ll look to trade this using after news retracement trading method, we´ll wait for the market to retrace and stay out of the market during the release time. If we get a +40.3 of release, our bias will be to BUY AUD against other currencies; if we get a -9.7K of release, our bias will be to SELL AUD against stronger currencies. We´ll only enter after we see a decent retracement from the initial spike and if we get those release numbers…
For more information on my trading methods: http://www.currencynewstrading.com/how-to-get-started-with-news-trading/
I’d recommend to use the Recommended Pairs from above as they are based on my CSM, which should provide the best combination of currency pairs to trade based on better/worse news… of course, you can also trade the default pair: AUDUSD.
AU Employment Change | July 19, 2017 | Currency Analysis
July 16, 2017 by Leave a Comment