AUD/NZD – Technical Analysis for Binary Options Trading
Australia – House Price Index
On Tuesday, at GMT 12:30 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 binary options trading investors are confident about purchasing houses and vice-versa, it can binary options traders 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 1.9% and the forecast for this month is set at an additional increase of 0.6%.
New Zealand – Food Price Index
Later, at GMT 9:45 p.m., the Statistics New Zealand will release the food price index, which measures the changes in the price of food and food services bought by households in the country over the past month.
Binary options Trading investors pay special attention to the food price index because food price tends to be highly volatile in New Zealand and any sudden change can have a noticeable impact on the overall inflation situation in the economy.
Last month, the food price index in New Zealand came out at -1.1%. The food price index has been declining for last several months and if the trend continues, it would likely be a negative figure this month as well.
AUD/NZD Forecast
Since breaking below the uptrend line on November 10, the AUD/NZD mostly remained range-bound, but earlier today, it broke below the 61.8% Fibonacci retracement level of the last major upswing and found support near the 1.0895 level.
As the Australian House Price Index is expected to increase this month at a lower rate compared to last month, we believe it would set a bearish fundamental outlook for the AUD/NZD this week. Therefore, if the AUD/NZD closes below the support near 1.0895, it would likely attract additional bearish momentum in the market.
Hence, Australian binary options trading investors should look out for trading opportunities below this major support level around 1.0895.
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