AUD / USD – Technical Analysis for Australian Binary Options
United States – Building Permits
Tomorrow, at GMT 1:30 p.m., the US Census Bureau will release the Building Permits figure, which is an annualized number of new building permits for the residential housing sector issued during the last month.
Since getting a building permit usually indicate future construction work, and construction work usually increases the demand for products and services in the local area, binary options investors consider this data to be a leading indicator of the overall economic activity in the country.
Last month, 1.22 million building permits were issued and this month, analysts are expecting the figure to come out around 1.25 million.
Australia – CB Leading Index
On Thursday, at GMT 3:00 p.m., the Conference Board Inc will release the month-over-month leading index for Australia, which measures the changes in the level of a composite index based seven other major fundamental indicators.
Since the CB leading index aggregates some of the other indicator data, binary options traders consider this to be an important representation of the overall Australian economy. However, since most of these data are previously released, the CB leading index tends to have a minimized immediate market impact.
Last month, the CB leading index increased by 0.4% and if the trend continues, it would likely add bullish pressure on the Australian Dollar against other major currencies.
AUD/USD Forecast
Since forming a bearish outside bar on March 21, 2017, the AUD/USD price went down by around 265 pips over the last few weeks. However, as soon as the AUD/USD reached near the 0.7485 level, it found a strong support. This support pushed the pair higher in the last week and by the end of the week, the AUD/USD broke above the downtrend line.
Currently, the resistance near the 0.7600 level seems to be holding the AUD/USD from climbing further up.
As the Australian CB leading index has gone up by 0.4% last month and there is a good chance that this fundamental indicator would likely remain positive, we believe it would set a bullish fundamental outlook for the AUD/USD this week.
If the AUD/USD penetrates and closes above the 0.7600 level, there is a good possibility that it would trigger a large number of pending bullish orders and find additional bullish momentum in the market. Hence, Australian binary options traders should look out for trading opportunities above this major resistance level around 0.7600.
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