AUD/NZD – Technical Analysis for Binary Options Brokers
Australia – ANZ Job Advertisements
Today, at GMT 2:30 a.m., Australia and New Zealand Banking Group (ANZ) released its monthly Job Advertisement figure, which measures the changes in the number of advertised jobs in key Australian cities through the major daily newspapers and web portals.
Since job advertisements usually lead to hiring new employees, binary options brokers consider this data from ANZ to be a leading indicator of the employment trend in the country. The ANZ Job Advertisement figure usually has greater impact on the Australian Dollar when it is released before the Australian government’s official employment data.
Last month, the ANZ Job Advertisement figure increased by 1.5%, and this month it increased by an additional 0.4%, indicating that employers are looking to hire more workers in the coming months.
New Zealand – GDT Price Index
Tomorrow, the Global Dairy Trade will release the GDT price index, which measures the changes in the average price of dairy products sold at auction in New Zealand.
Since the bulk of New Zealand’s exports to the world market consists of dairy products, the GDT price index acts as a leading indicator of the country’s trade balance because the rising price of dairy products ensures that foreign buyers have to purchase it at a higher price. Therefore, the binary options investors use this data to predict future trade balance, which helps in the valuation of the New Zealand Dollar against other major currencies.
Last month, the GDT price index came out at a 3.2% increase. Over the last few months, the GDT Price Index has been steadily increasing. If this trend continues, we believe the index would come out with a positive figure this week as well.
AUD/NZD Forecast
Since forming a bearish pin bar on May 19, 2017, the AUD/NZD remained in a strong downtrend and the price fell by around 360 pips. However, last week, the AUD/NZD found support near the 1.0410 level. As a result, the AUD/NZD has climbed up by around 95 pips and approaching the resistance near 1.0500 level.
As the Australian ANZ Job Advertisements figure increased by 0.4%, it would likely have a bullish effect on the AUD/NZD. On the other hand, the GDT Price Index price index has been increasing over the last few months and binary options investors may have already priced in that new development. Hence, we believe the fundamental outlook for the AUD/NZD would likely remain bullish this week.
Under the circumstances, Australian binary options traders should look out for trading opportunities above this major resistance level around 1.0500.
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