AUD/USD – Technical Analysis for Binary Options Trading
United States – Retail Sales
On Wednesday, at GMT 2:30 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 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 November, the US retail sales value increased by 0.8% and the forecast for this month is that it would likely increase by 0.3%.
Australia – Unemployment Rate
On Thursday, at GMT 1:30 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 the forecast is that the unemployment will remain unchanged at 5.6%.
Trade Recommendation for the AUD/USD
The AUD/USD price has declined around 300 pips since breaking below the uptrend line on November 11, 2016. But, over the last few weeks, it started a bullish retracement move and formed another uptrend line in the process.
As the Australian unemployment rate is expected to remain unchanged at 5.6% and the US retail sales figure is expected to grow at a slower pace than the previous month, 0.3% against 0.8%, it would likely have a bearish effect on the AUD/USD price this week.
Hence, if the AUD/USD price breaks below the latest uptrend line, there is a good possibility that it would attract additional bearish momentum in the market.
Under the circumstances, it would be recommended that binary options traders consider placing a PUT order for the AUD/USD with their binary options brokers as soon as the price closes below the 0.7440 level on the daily time frame.
Binary Options Trading Brokers to trade AUD/USD
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