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.
Last month, the CB leading index increased by 0.1% 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 – Core Durable Goods Orders
On Friday, at GMT 12:30 p.m., the US Census Bureau will release the month-over-month core durable goods orders figure, which measures the changes in the total value of all new purchase orders made to the US manufacturers for durable goods over the past month. However, the US Census Bureau excludes goods from the transportation sector in this figure in order to offer an accurate picture.
Binary options investors consider the US core durable goods orders to be the primary gauge of production situation in the economy, as an increase in purchase orders indicates that US manufacturing activity and growth will happen in the near future.
Last month, the US core durable goods orders increased by 0.1% and the forecast for this month is currently set at an increase of 0.4%.
AUD/USD Forecast
After remaining highly bullish since the start of May and climbing over 700 pips, the AUD/USD price action turned tentative over the last few weeks. Last week, the pair found support near the 0.7830 level, then promptly went up to the resistance near 0.7960. So far, it has failed to close above the 0.7960 level and currently, trading just below it.
As US core durable goods orders are expected to increase by 0.4%, we believe it would set a bearish fundamental outlook for the AUD/USD. However, as the price action of AUD/USD remained sideways in recent weeks, if the price closes above the 0.7960 level, it would likely attract additional bullish momentum in the market as well.
Hence, Australian binary options traders should look out for trading opportunities above this major resistance level around 0.7960.
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