GBPAUD – Technical Analysis for binary options brokers
Australia – ANZ Job Advertisements
On Monday, at GMT 12:30 a.m., Australia and New Zealand Banking Group (ANZ) released its monthly Job Advertisement figure. It measures the changes in the number of advertised jobs in key Australian cities through the major daily newspapers and web portals.
Job advertisements usually lead to hiring new employees. So, binary options br0kers consider this data from ANZ to be a leading indicator of the employment trend in the country. The ANZ Job Advertisement figure usually has greater impact on the Australian Dollar when it is released before the Australian government’s official employment data.
Last month, the ANZ Job Advertisement figure decreased by -2.7%. This month it increased by 6.2%, indicating that employers are looking to hire more workers in the coming months.
Japan – Average Cash Earnings
On Wednesday, at GMT 12:00 a.m., the Japanese Ministry of Health, Labour and Welfare will release the year-over-year average cash earnings. It measures the changes in the total value of employment income collected by workers in the country over the past 12 months.
Earnings are directly correlated with consumer spending. So, binary options investors consider a rise in the average cash earnings as a signal that the Japanese consumers will likely increase their spending. As consumer spending makes up a large portion of the Japanese GDP, it can predict the future strength of the Yen.
Last month, the Japanese average cash earnings increased by 0.9% and analysts are expecting an additional increase of 0.7% this month.
AUD/JPY Forecast
Since forming a reversal pattern on November 29, 2017, the AUD/JPY remained in a strong bullish trend. At the same time, it formed a well-respected uptrend line. However, on February 2, 2018, the pair broke below the uptrend line. Over the last few days, the AUD/JPY fell by around 230 pips and currently, it is approaching the support near 84.50.
The ANZ Job Advertisements figure in Australia went up by 6.2% this month. On the other hand, analysts are expecting the Japanese average cash earnings figure to drop from 0.9% to 0.7%. We believe it would set a bullish fundamental outlook for the AUD/JPY this week. Therefore, if the AUD/JPY fail to close below the support near 84.50, it would likely attract additional bullish momentum in the market.
Hence, Australian binary options brokers should look out for trading opportunities above this major support level around 84.50, once the price bounce after reaching this support level.
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