EUR/AUD – Technical Analysis for Binary Options Brokers
Australia – House Price Index
Tomorrow, at GMT 1:30 a.m., the Australian Bureau of Statistics will release the House Price Index (HPI), which measures the changes in the selling price of houses in the 8 state capitals in Australia.
Since rising house prices indicate that investors are confident about purchasing houses and vice-versa, binary options brokers consider the HPI to be a leading indicator of investor confidence in the country. The HPI is usually released every three months in a quarter-over-quarter format.
Last month, the Australian HPI suggested that house prices in Australia’s 8 state capitals have increased by 2.2% and the forecast for this month is set at an additional increase of 1.3%.
Eurozone – German ZEW Economic Sentiment
Later, at GMT 9:00 a.m., the Zentrum fur Europaische Wirtschaftsforschung (ZEW) will release its German economic sentiment index, which measures the level of a diffusion index based on surveying 275 German institutional investors and market analysts.
Since the professional investment community, investors and analysts have the latest data; their reflection about the economy tends to be the most accurate. Therefore, binary options investors consider the ZEW’s German economic sentiment index to be a leading indicator of the entire Eurozone economy. This is because the German economy is one the most important driving forces behind the Euro currency.
Last month, the ZEW German economic sentiment came out at 10.0, and this month, the forecast is set at an improved figure, 12.3.
EUR/AUD Forecast
Since forming a pin bar on February 22, 2017, the EUR/AUD remained highly bullish and climbed up by around 1550 pips. However, after finding a strong resistance near the 1.5185 level, it started trading sideways. Over the last few weeks, the EUR/USD Has been ranging between the 1.4835 and 1.5015 levels.
As the Australian HPI is expected to grow at a slower pace compared to last reporting period, but the German ZEW Economic Sentiment is expected to increase to 12.3, we believe it would set a bullish fundamental outlook for the EUR/AUD this week. Therefore, if the EUR/AUD breaks and closes above the resistance near the 1.5015 level, 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 1.5015.
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