GBP/AUD – Technical Analysis for Australian Binary Options Brokers
United Kingdom – Consumer Price Index
Today, at GMT 10:30 a.m., the UK’s Office for National Statistics released the year over year Consumer Price Index (CPI) that measures the changes in the price of goods and services acquired by consumers.
Since the CPI basically measures the inflation level in the economy, this data is considered binary options investors as one of the most important leading indicators of the overall economic health
Last month, the UK’s CPI (y/y) increased by 1.2%, and this month the forecast is currently set at a 1.4% growth.
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.
Australian 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 Forex traders predict future interest rates and inflation situation in the country.
Last month, the unemployment rate in Australia came out at 5.7% and the forecast for this month the forecast is that the unemployment will remain unchanged at 5.7%.
Trade Recommendation for the GBP/AUD
Since breaking below the support around 1.6800 level on January 6, 2017, the GBP/AUD has remained very bearish and the price fell by around 780 pips so far. However, after opening with a gap over the last weekend, the GBP/AUD seems to be ready for a bullish retracement.
As the UK’s CPI is expected to increase by 0.2% to 1.4% over the last month and the Australian unemployment rate is expected to remain unchanged at 5.7%, it would likely set a bullish fundamental outlook for the GBP/AUD as well. Hence, if the GBP/AUD price breaks above the next resistance level, which is the last week’s low, at 1.6200, 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 GBP/AUD with their binary options brokers as soon as the price closes above the 1.6200 level on the daily time frame.
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