Australia – National Australia Bank (NAB) Limited Business Confidence Index
Today, at GMT 1:30 a.m., the National Australia Bank (NAB) Limited released its monthly business confidence index figure. This figure measures the level of a diffusion index based on a survey of 350 businesses in Australia.
The survey asks respondents to rate the current business environment in Australia. Since businesses are the first to react to changing business conditions, the level of their sentiment regarding optimism and business confidence, binary options traders consider it as a leading indicator of the overall economic health in the coming months.
Last month, in March 2016, the NAB business confidence index came out at 3 and this month it came out much better, at 6.
United States – Retail Sales
Tomorrow, at GMT 12:30 p.m., the US Census Bureau will release the national month-over-month retail sales figure, which measures the changes in the total value of all sales made at the retail level in the country over the past month.
Retail sales data are considered by Australian binary options investors to be the primary gauge of consumer spending and confidence. This is because when consumers are confident about their future financial situation, they tend to spend more.
In March, the US retail sales value decreased by as much as 0.1% and the forecast for April is set at a slightly higher rate of increase in value, at 0.1%.
Trade Recommendation for the AUD/USD
After being in a strong uptrend for the last several weeks, the AUD/USD finally found a strong resistance around the 0.7675 area. The AUD/USD price penetrated above the 0.7675 level several times, but a lack of bullish momentum pushed the price below this resistance and the pair failed to close above this level so far.
Today, the AUD/USD price was once again got rejected around this key resistance level.
As the NAB business confidence level came out much better compared to last month, we believe the fundamental outlook for the AUD/USD would likely remain bullish this week as well.
Under the circumstances, it would be recommended that binary options traders consider placing a CALL order for the AUD/USD with their binary options brokers once the price closes above the 0.7675 level.
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