AUD/USD – Technical Analysis for Binary Options
Australia – Building Approvals
On Tuesday, at GMT 2:30 a.m., the Australian Bureau of Statistics will release 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 investors 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 decreased by -13.4% and the forecast for this month is currently set at an increase of 3.2%.
United States – Institute for Supply Management (ISM) Manufacturing PMI
On Thursday, at GMT 3:00 p.m., the Institute for Supply Management will release its manufacturing PMI figure for the United States. The ISM’s US manufacturing PMI measures the level of a diffusion index based on a survey of 400 purchasing managers.
Purchasing managers in the United States are involved in the supply side of the economy. As most companies reduce their expenses and production based on their sales forecast, the survey of purchasing managers reveals the overall optimism of various companies in the country. Hence, binary options traders can easily figure out the sentiment regarding the economic condition in the country from the ISM manufacturing PMI readings.
Last month, the ISM manufacturing PMI for the United States came out at 54.8 and the forecast for this month is set at 54.7.
AUD/USD Forecast
Since forming a large bearish outside bar on March 21, the AUD/USD remained in a strong downtrend. However, after the pair found support near the 0.7335 level, it started a bullish retracement. Last week, the AUD/USD broke above the downtrend line and appeared to be gaining bullish momentum, which was halted around the resistance zone near 0.7515 level.
As the Australian building approvals figure is expected to increase by 3.2%, but the US ISM Manufacturing PMI reading is expected to come close to last month’s reading of 58.8, we believe it would likely set a bullish fundamental outlook for the AUD/USD this week. Hence, if the AUD/USD price breaks above the resistance near 0.7515 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 around 0.7515.
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