AUD/USD – Technical Analysis for Australian Binary Options Brokers[banner-group name=”banner-analysis-fx”]
United States – Core Consumer Price Index
Tomorrow, at 2:30 p.m., the US Bureau of Labor Statistics will release the month-over-month Core Consumer Price Index (CPI) data.
Since the Core CPI measures the changes in the price of goods and services but excludes the volatile food and energy prices, binary options traders consider this data to be more important compared to the CPI figure.
Last month, based on the US Core CPI, there were around 0.2% inflation in the economy. This month, the forecast is set at 0.2% inflation as well.
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 investors 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 5.8% and the forecast for this month is also set at 5.8%.
Trade Recommendation for the AUD/USD
Since December 21, 2016, the AUD/USD price has gone up by around 540 pips and reached the resistance level near 0.7676, which is also a major psychological pivot zone.
Although we believe a major bearish retracement is overdue, the minor retracement towards the 0.7600 level last week and the subsequent bullishness indicates that the AUD/USD is ready to push further north. As both the Australian unemployment rate and US core consumer price index are expected to remain unchanged this week, we believe the prevailing bullishness of the AUD/USD would continue.
Hence, if the AUD/USD price closes above the 0.7676 level, it would likely attract additional bullish momentum in the market.
Under the circumstances, it would be recommended that binary options traders consider placing a CALL order for the AUD/USD with their Australian binary options brokers as soon as the price closes above the 0.7676 level on the daily timeframe.
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