GBP/AUD – Technical Analysis for Binary Options Brokers
Australia – National Australia Bank (NAB) Limited Business Confidence Index
On Tuesday, at GMT 1:30 a.m., the National Australia Bank (NAB) Limited will release its monthly business confidence index figure. This figure measures the level of a diffusion index based on a survey of 350 businesses in Australia.
The survey asks respondents to rate the current business environment in Australia. Since businesses are the first to react to changing business conditions, the level of their sentiment regarding optimism and business confidence, binary options brokers consider it as a leading indicator of the overall economic health in the coming months.
Last month, the NAB business confidence index reading came out at 9, an improvement after coming at 7 in the previous month. If the trend continues, it would likely to have a bullish effect on the Australian Dollar.
United Kingdom – Manufacturing Production
On Thursday, at GMT 8:30 a.m., the UK’s Office of Labor Statistics will release the United Kingdom’s manufacturing production figure, which measures the total inflation-adjusted value of output produced by manufacturers in the country.
Since businesses are the first to react to changing economic climate and the manufacturing production makes up around 80% of the total industrial production in the United Kingdom, binary options investors consider this data to be a leading indicator of the overall economic health of the country.
Last month, the UK’s manufacturing production decreased by -0.2% and the forecast for this month is that it would remain unchanged at 0.0%.
GBP/AUD Forecast
Since May 10, 2017, the GBP/AUD price has come down by around 1,335 pips, but earlier in July, after it found a strong support near the 1.6300 level and started a bullish retracement. Last week, the GBP/AUD formed a bearish outside bar and the bearish momentum seems to be resuming at the moment.
As the Australian NAB business confidence index has been performing very well over the last few months, but the UK’s manufacturing production is expected to remain unchanged at 0.0% last month, we believe it would likely set a bearish fundamental outlook for the GBP/AUD this week. Therefore, if the GBP/AUD price penetrates and closes below the support level around 1.6300, it would likely to attract additional bearish momentum in the market.
Hence, Australian binary options traders should look out for trading opportunities below this major support level around 1.6300.
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