AUD/USD Likely to Turn Bullish If Australian Unemployment Rate Drops

AUDUSD – Technical Analysis for HighLow

United States – Retail Sales

On Monday, at GMT 12:30 p.m., the US Census Bureau will release the national month-over-month retail sales figure. It measures the changes in the total value of all sales made at the retail level in the country over the past month.

Retail sales data are considered by binary options traders to be the primary gauge of consumer spending and confidence. This is because when consumers are confident about their future financial situation, they tend to spend more.

Last month, the US retail sales value decreased by -0.1%. Analysts are expecting that this month, it would likely increase by 0.4%.

Australia – Unemployment Rate

On Thursday, at GMT 11:30 a.m., the Australian Bureau of Statistics will release the national unemployment rate. It measures the percentage of total work force which remained unemployed over the past month.

Binary options investors consider the unemployment rate to be one of the most important fundamental indicators of the Australian economy. It is because one of the main goals of the Reserve Bank of Australia is to keep the unemployment as low as possible. Although this is a lagging indicator, analyzing this data can help Forex traders predict future interest rates and inflation situation in the country.

Last month, the unemployment rate in Australia came out at 5.6%. This month, analysts are expecting it to come down to 5.5%.

AUD/USD Forecast

AUD/USD Analysis for HighLow broker - 16th April 2018

Since the last week of January, the AUD/USD remained bearish. It also formed a downward slopping equidistant channel. Last week, the pair penetrated above the upper channel of the equidistant channel, but failed to close above it as it found resistance around the 0.7785 level. Currently, it is trading just below the 0.7785 level.

The Australian unemployment rate may come down from 5.6% to 5.5% over the last month. On the other hand, analysts are expecting the retail sales figure in the United States to increase by only 0.4% last month. We believe it would set a bullish fundamental outlook for the AUD/USD this week. Therefore, if the AUD/USD closes above the resistance near 0.7785, it would likely attract additional bullish momentum in the market.

Hence, HighLow traders should look out for trading opportunities above this major resistance level around 0.7785.

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