GBP/AUD – Technical Analysis for Australian Binary Options Brokers
Australia – New Motor Vehicle Sales
On Tuesday, at GMT 12:30 a.m., the Australian Bureau of Statistics released the new motor vehicle sales figure, which measures the changes in the number of cars that are sold in the local market over the past month.
Since people tend to make car purchases when they feel confident about their financial conditions, Australian binary options brokers consider the new motor vehicle sales figure to be a leading indicator of the consumer confidence in Australia.
Last month, the new motor vehicle sales (m/m) figure remained unchanged by 0.0% and in August it declined by -2.0%. If the trend continues, it would have a negative impact on the Australian Dollar against other major currencies.
United Kingdom – Consumer Price Index
On Tuesday, at GMT 8:30 a.m., the UK’s Office for National Statistics released the year over year Consumer Price Index (CPI) that measures the changes in the price of goods and services acquired by consumers.
Since the CPI basically measures the inflation level in the economy, this data is considered binary options investors as one of the most important leading indicators of the overall economic health
Last month, the UK’s CPI (y/y) increased by 2.9%, and this month the forecast is currently set at a 3.0% growth.
GBP/AUD Forecast
Since breaking below the uptrend line back in May 26, 2017, the GBP/AUD remained mostly range bound and traded sideways between 1.6260 and 1.7135. In the last few weeks, the pair tried to go down to the lower end of the trading range, but found a strong support near the 1.6780 level.
As the UK’s consumer price index is expected grow only 0.01% more compared to last month’s 2.9%, we believe it would set a bearish fundamental outlook for the GBP/AUD this week. Therefore, if the GBP/AUD closes below the support near 1.6780, it would likely attract additional bearish momentum in the market.
Hence, Australian binary options brokers should look out for trading opportunities below this major support level around 1.6780.
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