GBPAUD – Technical Analysis for Australian binary options brokers
New Zealand – Trade Balance
On Monday, at GMT 9:45 p.m., the Statistics New Zealand released the national trade balance figure. It measures the difference of the value between net import and net export of the country during the previous month.
The export of a country is directly correlated to the demand for its currency. So, a positive trade balance figure indicates that foreigners had to buy more local (NZD) currency in exchange of their domestic currency. Hence, economists and binary options traders consider the trade balance to be an important indicator of the health of the New Zealand’s economy.
Last month, the trade balance figure of New Zealand came out at -$1,233 million. This month, the forecast was set a much better figure, at -$123 million. However, the actual trade balance came out much better than expected, at $640 million.
Australia – National Australia Bank (NAB) Limited Business Confidence Index
On Tuesday, at GMT 12:30 a.m., the National Australia Bank (NAB) Limited released 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. Businesses are the first to react to changing business conditions. So, binary options investors consider it as a leading indicator of the overall economic health in the coming months because of the level of their sentiment regarding optimism and business confidence.
Last month, the NAB business confidence index reading came out at 7, after coming at 6 in the previous month. This month the trend continued. It came out at 11 and likely to have a bullish effect on the Australian Dollar.
AUDNZD Forecast
The AUDNZD broke below the uptrend line on November 15, 2017. Since then, it has mostly traded sideways within the range between 1.0860 and 1.1050. Last week, the AUDNZD penetrated above the 1.1050 level. Currently, it is trading just below this major resistance level.
The NAB business confidence level in Australia has gone up from 7 last month to 11 this month. On the other hand, the trade balance of New Zealand came out much better than expected at $640 million. Nonetheless, we believe it would set a bullish fundamental outlook for the AUDNZD this week. Therefore, if the AUDNZD closes above the resistance near 1.1050, it would likely attract additional bullish momentum in the market.
Hence, Australian binary options brokers should look out for trading opportunities above this major resistance level around 1.1050.
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