The Australian Employment Change release should provide an opportunity to trade the Aussie especially if we were to get our tradable figures. With USD remaining strong against the AUD, any weaker than expected release could drive the AUDUSD pair lower, possibly breaching the current support and push the pair to new multi-month lows.
However, if we get a positive release, then AUDUSD probably will remain range-bound as the USD is well supported.
8:30 pm (NY Time) AU Employment Change Forecast 18.9K Previous 19.8K
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 +43.9 of release, our bias will be to BUY AUD against other currencies; if we get a -6.1K 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 | November 15, 2017 | Currency Analysis
November 12, 2017 by Leave a Comment