AUD/USD – Technical Analysis for Binary Options Brokers
Australia – CB Leading Index
Today, at GMT 2:30 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 brokers 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.
For the last three months, the CB leading index increased by 0.4% to 0.5% range and if the positive trend continues this month, it would like have a bullish influence on the Australian Dollar against other major currencies.
United States – Existing Home Sales
On Wednesday, at GMT 2:00 p.m., the US National Association of Realtors released the existing home sales number, which is the annualized number of residential buildings that were sold during the last month in the country. However, this figure excludes the number newly building constructions.
Since the sale of an existing home usually has a wide-spread positive ripple effect in the local economy, collectively this figure acts as an excellent leading indicator of the overall economic health of the country. Therefore, binary options investors consider the existing home sales number to be an important data as it tends to have a considerable market impact.
Last month, the US existing home sales figure came out at 5.57 million and the forecast for this month is currently set at 5.54 million.
AUD/USD Forecast
Since breaking above the downtrend line on May 22, the AUD/USD remained bullish and the price has climbed up by around 170 pips over the last month. However, last week, the AUD/USD found a strong resistance near the 0.7635 level, and so far, the pair has failed to penetrate above this level.
As the Australian CB leading index has been increasing over the last few months, but the forecast for the US existing home sales is set to decline this week, we believe the fundamental outlook for the AUD/USD would likely remain bullish this week. Therefore, if the AUD/USD penetrates above the resistance near 0.7635, 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 0.7635.
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