AUD/USD – Technical Analysis for Binary Options Australia
Australia – National Australia Bank (NAB) Limited Business Confidence Index
On Tuesday, at GMT 12:30 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 Australia traders 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 7, after coming at 5 in the previous month. If the trend continues, it would likely to have a bullish effect on the Australian Dollar.
United States – Retail Sales
On Wednesday, at GMT 1:30 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 investors 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 decreased by 1.6% and the forecast for this month is that it would likely remain unchanged at 0.0%.
AUD/USD Forecast
The AUD/USD remained highly bullish since May 2017 and climbed up by around 780 pips over the last several months. Also, the pair formed two distinct uptrend lines during this uptrend. The first uptrend was broken back in September, and last week, the second uptrend was also broken. Currently, the AUD/USD is trading below second uptrend, where the 0.7635 level is acting as a minor support.
As the NAB business confidence index only increased by 2 points, from 5 to 7, in the last two months, but the US retail sales is estimated to remain unchanged over the last month, we believe it would set a bearish fundamental outlook for the AUD/USD this week. Therefore, if the AUD/USD closes below the support near 0.7635, it would likely attract additional bearish momentum in the market.
Hence, Australian binary options traders should look out for trading opportunities below this major support level around 0.7635.
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