AUDNZD – Technical Analysis for binary options trading
Australia – Home Loans
On Tuesday, at GMT 12:30 a.m., the Australian Bureau of Statistics will release the month-over-month home loans figure. It measures the changes in the number of new loans approved for owner-occupied homes.
Most home purchases are financed by banks and the new home loan figure acts as an excellent gauge of how many qualified buyers are ready to take out home loans. Therefore, economists and binary options trading investors consider the changes in the new home loan figure to be a leading indicator of the overall economic situation in the country.
Last month, the Australian new home loans decreased by -2.3%. Analysts are expecting it to decrease by an additional ease of -0.1%.
New Zealand – Gross Domestic Product (GDP)
On Thursday, at GMT 9:30 p.m., the Statistics New Zealand will release the quarter-over-quarter GDP. It measures the changes in the inflation adjusted value of all products and service made in the country over the past quarter.
The GDP measures the overall productivity in the economy. It acts as a leading indicator of the economic growth in the country. Hence, binary options investors consider the New Zealand’s GDP (q/q) to be an important indicator of the health of the economy.
Last quarter, the New Zealand’s GDP came out at 0.6% growth. Analysts are expecting it to grow by 0.8% this quarter.
AUD/NZD Forecast
Since forming a large bullish outside bar on October 24, 2017, the AUD/NZD remained bearish. Over the last several months, the AUD/NZD fell by around 615 pips. However, after reaching near the 1.0660 level, it found a strong support.
The GDP of New Zealand is set to grow by 0.8% last quarter. On the other hand, the Australian home loans figure is set to decline once again by -0.1%. We believe it would set a bearish fundamental outlook for the AUD/NZD this week. Therefore, if the AUD/NZD closes below the support near 1.0660, it would likely attract additional bearish momentum in the market.
Hence, Australian binary options trading investors should look out for trading opportunities below this major support level around 1.0660.
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