AUD/CHF – Technical Analysis for Australian Binary Options Brokers
[banner-group name=”banner-analysis”]Australia – Building Approvals
Today, at GMT 1:30 a.m., the Australian Bureau of Statistics released the national month-over-month building approvals figure, which measures the changes in the number of approvals of new buildings.
Since a build permit indicates new construction work, it suggests that there would be additional positive economic activities. For example, new jobs would be created for construction workers. Therefore, binary options traders consider this data regarding new building approvals to be a leading indicator of the overall economic health of the country.
Last month, the building approvals figure went down by -11.8% and the forecast for this month was set at an increase of only 4.6%. However, the actual figure came out much better, at 7.0%.
Switzerland – Retail Sales
Later, at GMT 9:15 a.m., the Swiss Federal Statistical Office released the year-over-year retail sales figure, which measures the change in the total value of sales made by the retail sector in the country. However, this figure is adjusted for inflation in order to offer an accurate overview.
Binary options investors consider the Swiss retail sales figure to be one of the main gauges of consumer confidence, which makes up the majority of the overall economic activity in Switzerland. Since consumer spending is directly correlated with consumer confidence, it can signal future economic activity as well.
Last month, the value of Swiss retail sales decreased by -0.7% and the forecast for this month was set at an increase of 0.4%. However, the actual figure came much better than the market was expecting, at 0.9% increase.
Trade Recommendation for the AUD/CHF
After breaking below the uptrend line on December 19, 2016, the AUD/CHF price went down by around 200 pips. But, the pair found support near the 0.7340 level and formed a large bullish pin bar, which pushed the price up over the last week as well as broke the sharp downtrend line.
Currently, the AUD/CHF is trading near the resistance level around 0.7475.
As the Australian building approvals figure has gone up by 7.0% over the past month, it would certainly set a bullish fundamental outlook for the AUD/CHF for the next few days. Hence, if the AUD/CHF price breaks and closes above the 0.7475 level, it would likely attract additional bullish momentum in the market.
Under the circumstances, it would be recommended that Australian binary options traders consider placing a CALL order for the AUD/CHF with their binary options brokers as soon as the price closes above the 0.7475 level on the daily time frame.
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