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Australian employment numbers are scheduled for release this evening. The Australian government already indicated that the data will not be seasonally adjusted and the same will apply to last month’s report which means that the basis that investors are keying off of for the previous data is 32k and not 121k. Based on the rise in the employment component the PMIs, we are looking for a stronger number and are therefore laying out the following order to take advantage of the potential opportunity:
1. Place order to Buy AUD/NZD at 1.1327
Stop at 1.1267
Close 1/2 at 1.1357, move stop to breakeven
Close rest at 1.1485
Here’s what we are looking for in tomorrow’s economic reports (October 9, 2014) – Good Luck Trading!
1. AU Employment (8:30PM ET) No Trade – Increase in employment component of manufacturing, services and construction but massive rise last month creates an uncertain distortion
2. GE Trade Balance (2AM ET) Bearish EUR – Potential downside surprise given drop in factory orders and industrial production along with manufacturing PMI index which fell to 15 month lows
3. BoE Rate Decision (4:30AM ET) No Trade – No Changes are expected from the BoE and we do not trade rate decisions