AUDUSD – Technical Analysis for binary options brokers
United States – ISM Non-Manufacturing PMI
On Monday, 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 brokers 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 59.9. The forecast for this month was set at 58.9. However, the actual figure came out at 59.5.
Australia – Trade Balance
On Thursday, 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 traders 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 -1.36 billion. However, the forecast for this month that it may come out at a positive figure, at 0.22 billion.
AUD/USD Forecast
The AUD/USD remained range bound between 0.7780 and 0.7950 since the start of February. Earlier last week, the pair once again turned bearish and broke below the support near 0.7780. But, soon it once again found another support near 0.7735.
The Australian trade balance is expected to come positive this month after coming out at -1.36 billion last month. On the other hand, the US ISM Non-Manufacturing PMI came out better than expected. We believe it would set a bearish fundamental outlook for the AUD/USD this week. Therefore, if the AUD/USD closes below the support near 0.7735, it would likely attract additional bearish momentum in the market.
Hence, Australian binary options traders should look out for trading opportunities below this major support level around 0.7735.
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