GBP/AUD – Technical Analysis for Australian Binary Options
Australia – Home Loans
Yesterday, at GMT 2:30 a.m., the Australian Bureau of Statistics released the month-over-month home loans figure, which measures the changes in the number of new loans approved for owner-occupied homes.
Since most home purchases are financed by banks, the new home loan figure acts as an excellent gauge of how many qualified buyers are ready to take out home loans. Therefore, economists and binary options traders consider the changes in the new home loan figure to be a leading indicator of the overall economic situation in the country.
Last month, the Australian new home loans increased by 0.4% and the forecast for this month was set at a increase of 0.1%. However, the actual figure came out much lower than expected, at a decrease of -0.5%.
United Kingdom – Consumer Price Index
Tomorrow, at GMT 9:30 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 2.3%, and this month the forecast is currently set at a 2.2% growth.
GBP/AUD Forecast
Since breaking above the downtrend line on March 21, 2017, the GBP/AUD remained very bullish and the immediate momentum pushed the price towards the 1.6570 level over the last few weeks. Although the GBP/AUD has penetrated above the 1.6570 level several times last week, so far the pair failed to close above this resistance level.
As the Australian home loan figure decreased by 0.5% over the last month, but the UK’s consumer price index is expected to increase by 2.2%, we believe it would likely set a bullish fundamental outlook for the GBP/AUD this week.
If the GBP/AUD price continues the uptrend and closes above the 1.6570 level, it would likely attract additional bullish momentum in the market. Hence, Australian binary options traders should look out for trading opportunities above this major resistance level.
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