GBPAUD – Technical Analysis for Australian binary options
Australia – Building Approvals
On Tuesday, at GMT 12:30 a.m., the Australian Bureau of Statistics will release the national month-over-month building approvals figure. It measures the changes in the number of approvals of new buildings.
A build permit indicates new construction work. It also suggests that there would be additional positive economic activities. For example, new jobs would be created for construction workers. Therefore, Australian 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 0.9%. This month, analysts are expecting it to decrease by -0.9%.
United Kingdom – Manufacturing Production
On Wednesday, at GMT 9:30 a.m., the UK’s Office of Labor Statistics will release the United Kingdom’s manufacturing production figure. It measures the total inflation-adjusted value of output produced by manufacturers in the country.
Businesses are the first to react to changing economic climate and the manufacturing production makes up around 80% of the total industrial production in the United Kingdom. Hence, binary options traders consider this data to be a leading indicator of the overall economic health of the country.
Last month, the UK’s manufacturing production increased by 0.1%. This month, analysts are estimating that this month it would increase by 0.3%.
GBPAUD Forecast
On September 8, 2017, the GBPAUD formed a large bullish outside bar (BUOB). Since then, the pair remained in a strong uptrend and formed a well-respected uptrend line. However, after reaching near the 1.8000 level, it found strong resistance and started a bearish retracement. On December 21, 2017, the GBPAUD broke below the uptrend line. Later, it found support near the 1.7215 level. Currently, it appears bullish and looking to test the resistance near 1.7370.
Last month, the building approvals figure in Australia is expected to remain unchanged at 0.9%. On the other hand, the manufacturing production in the United Kingdom may grow from 0.1% to 0.3%. We believe it would set a bullish fundamental outlook for the GBP/AUD this week. Therefore, if the GBP/AUD closes above the resistance near 1.7370, 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 1.7370.
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