EURAUD – Binary Options Technical Analysis
Australia – National Australia Bank (NAB) Limited Business Confidence Index
Tomorrow, at GMT 1:30 a.m., the National Australia Bank (NAB) Limited will release 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, the NAB business confidence index came out at 6. If the figure stays the same this month or fluctuate lower than 6, it would likely put some additional bullish pressure on the EUR/AUD price.
Eurozone – German ZEW Economic Sentiment
Later, at GMT 10:00 a.m., the Zentrum fur Europaische Wirtschaftsforschung (ZEW) will release its German economic sentiment index, which measures the level of a diffusion index based on surveying 275 German institutional investors and market analysts.
Since the professional investment community, investors and analysts have the latest data; their reflection about the economy tends to be the most accurate. Therefore, binary options investors consider the ZEW’s German economic sentiment index to be a leading indicator of the entire Eurozone economy. This is because the German economy is one the most important driving forces behind the Euro currency.
Last month, the ZEW German economic sentiment came out at 0.5, and this month, the forecast is set at an improved figure, 4.2.
Trade Recommendation for the EURAUD
Since breaking below the uptrend line on September 21, 2016, the EURAUD has been ranging between the 1.4585 and 1.4770 levels. Last week, the EURAUD price once again tried to break above the 1.4770 level, but failed to close above it due to a strong resistance.
As the German ZEW economic sentiment is expected to improve this week, the fundamental outlook for the EURAUD would likely to remain bullish this week, which would increase the probability of the price breaking above the important resistance near the 1.4770 level.
Under the circumstances, it would be recommended that binary options traders consider placing a CALL order for the EURAUD with their Australian binary options brokers as soon as the price closes above the1.4770 level on the daily time frame.
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