AUD/USD – Technical Analysis for Australian Binary Options Brokers
Australia – Unemployment Rate
On Thursday, at GMT 1:30 a.m., the Australian Bureau of Statistics will release the national unemployment rate, which measures the percentage of total work force which remained unemployed over the past month.
Binary options investors consider the unemployment rate to be one of the most important fundamental indicators of the Australian economy because one of the main goals of the Reserve Bank of Australia is to keep the unemployment as low as possible. Although this is a lagging indicator, analyzing this data can help Australian binary options brokers predict future interest rates and inflation situation in the country.
Last month, the unemployment rate in Australia came out at 5.6% and the forecast for this month is also set at 5.6%.
United States – Retail Sales
On Friday, at GMT 12:30 p.m., the US Census Bureau will release the national month-over-month retail sales figure, which measures the changes in the total value of all sales made at the retail level in the country over the past month.
Retail sales data are considered by binary options traders to be the primary gauge of consumer spending and confidence. This is because when consumers are confident about their future financial situation, they tend to spend more.
Last month, the US retail sales value increased by 0.6% and the forecast for this month is that it would likely increase by an additional 0.1%.
AUD/USD Forecast
After remaining highly bullish since the beginning of May and climbing close to 700 pips, the AUD/USD traded sideways over the last few weeks. Last week, the pair found support near the uptrend line, then promptly went up to the resistance near 0.8040. However, as soon as the pair broke above this resistance, it formed a bearish pin bar, signaling a potential reversal of the bullish trend. Now, the 0.8040 level is acting as a support.
As the Australian unemployment rate is expected to remain unchanged at 5.6%, but the US retail sales has a possibility of further growth over the last month, we believe it would set a bearish fundamental outlook for the AUD/USD this week. Therefore, if the AUD/USD breaks and closes below the 0.8040 level, it would likely find additional bearish momentum in the market.
Hence, Australian binary options brokers should look out for trading opportunities below this major support level around 0.8040.
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