GBP/AUD – Technical Analysis for Australian Binary Options Brokers
United Kingdom – Claimant Count Change
On Wednesday, at GMT 9:30 a.m., the UK’s Office for National Statistics will release the Claimant Count Change figure, which measures the changes in the number of people claiming unemployment-related benefits during the previous month.
Since it is the first fundamental indicator that confirms the employment situation in the UK, binary options investors consider this to be an important indicator of consumer spending in the coming months. This is because consumer spending is highly dependent on labor market situation in the country.
In October, the UK’s Claimant Count Change figure came out at 700 and the forecast for this month is currently set at 1,900.
Australia – Unemployment Rate
On Thursday, at GMT 12:30 a.m., the Australian Bureau of Statistics will release the national unemployment rate, which measures the percentage of total work force which remained unemployed over the past month.
Binary options traders consider the unemployment rate to be one of the most important fundamental indicators of the Australian economy because one of the main goals of the Reserve Bank of Australia is to keep the unemployment as low as possible. Although this is a lagging indicator, analyzing this data can help binary options traders predict future interest rates and inflation situation in the country.
Last month, the unemployment rate in Australia came out at 5.6% and the forecast for this month is that the unemployment will slightly increase to 5.7%.
Trade Recommendation for the GBP/AUD
After the GBP/AUD broke below the support around 1.6930 at the end of September, the pair fell by around 1,100 pips and found support around 1.5888 level. However, over the last week, the GBP/AUD started a bullish retracement that pushed the price above the intermediate resistance zone around 1.6470.
As the UK’s claimant count change is expected to go up to 1,900 this month, it would likely have a bearish impact on the GBP/AUD. Furthermore, the Australian unemployment rate is only expected to go up by 0.1% to 5.7%, which may not have much impact on the market.
Earlier today, the GBP/AUD price has fallen by around 190 pips to support our bearish thesis. It is now trading close to the important pivot zone near 1.6470.
Under the circumstances, it would be recommended that binary options traders consider placing a PUT order for the GBP/AUD with their Australian binary options brokers as soon as the price closes below the 1.6470 level on the daily time frame.
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