AUDUSD – Technical Analysis for Binary Options Trading
Australian – Trade Balance
On Friday, at GMT 12:30 a.m., the Australian Bureau of Statistics will release the monthly Trade Balance figure. It measures the difference in value between all import and export. This figure also includes physical goods and intangible services.
The demand for export correlates with the demand for the Australian Dollar. Therefore, binary options trading investors analyse the monthly trade balance. They do so to gauge the strength of the AUD against other major currencies.
Last month, the Australian trade balance figure came out at 0.11 billion. However, the forecast for this month that it may come out at a slightly better figure, at 0.55 billion.
United States – ISM Non-Manufacturing PMI
Later, at GMT 3:00 p.m., the US based Institute for Supply Management (ISM) released its monthly Non-Manufacturing PMI figure. It measures the level of a diffusion index created by surveying purchasing managers. However, the ISM’s PMI figure excludes the non-manufacturing sector.
Binary options investors consider the ISM Non-Manufacturing PMI figure to be a leading economic indicator. Partly because purchasing managers have the most updated view of the economy.
Last month, the ISM’s PMI figure came out at 57.4. However, the forecast for this month is set at a slightly lower figure, at 57.8.
AUDUSD Forecast
On September 8, 2017, the AUDUSD formed a bearish pin bar. It started a downtrend and pushed the price towards the support near 0.7515. After reaching 0.7515, the pair started a retracement and broke above the downtrend line. Currently, it is testing the resistance around the 0.7815 level.
As we discussed earlier, the forecast for the Australian trade balance may improve to 0.55 billion. However, the estimate for the US ISM non-manufacturing PMI is set to improve by only 0.4 compared to last month. Therefore, we believe it would set a bullish fundamental outlook for the AUDUSD this week. If the AUDUSD closes above the resistance near 0.7815, it would likely attract additional bullish momentum in the market.
Hence, Australian binary options trading investors should look out for trading opportunities above this major resistance level around 0.7815.
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