AUD/USD – Technical Analysis for Australian Binary Options
Canada – Raw Materials Price Index
On Tuesday, at GMT 1:30 p.m., the Statistics Canada will release the month-over-month Raw Materials Price Index (RMPI), which measures the changes in the price of raw materials bought by manufacturers in the country over the past month.
Australian Binary options traders consider the RMPI to be an important leading indicator of consumer inflation in Canada, because if manufacturers pay more to buy raw materials, then ultimately the retail customers end up paying for the higher cost of production.
Last month, the Canadian RMPI decreased by -0.1%, after increasing 1.0% in the previous month. If the trend continues, it would likely to have a bearish effect on the Canadian dollar.
Australia – Building Approvals
On Thursday, at GMT 12:30 a.m., the Australian Bureau of Statistics released the national month-over-month building approvals figure, which measures the changes in the number of approvals of new buildings.
Since a build permit indicates new construction work, it suggests that there would be additional positive economic activities. For example, new jobs would be created for construction workers. Therefore, binary options investors consider this data regarding new building approvals to be a leading indicator of the overall economic health of the country.
Last month, the building approvals figure increased by 1.5% and the forecast for this month is set at a decrease of -0.9%.
AUD/CAD Forecast
Since early May 2017, the AUD/CAD has remained in a slow bearish trend and formed a well-respected downtrend line in the process. In the last week of October, the AUD/CAD once again got rejected near this downtrend line and resumed the bearish trend. However, after reaching near the 0.9630 level, it found a strong support and formed a bullish pin bar. Currently, the resistance near the 0.9700 level is holding the AUD/CAD from moving upward, towards the downtrend line.
As the Canadian RMPI went down last month, but the Australian building approvals went up, we believe it would set a bullish fundamental outlook for the AUD/CAD this week. Therefore, if the AUD/CAD closes above the resistance near 0.9700, 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 0.9700.
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