Australia – CB Leading Index
On Monday, at GMT 2:30 p.m., the Conference Board Inc released the month-over-month leading index for Australia. It measures the changes in the level of a composite index based seven other major fundamental indicators.
The CB leading index aggregates some of the other indicator data. So, binary options traders consider this to be an important representation of the overall Australian economy. However, since most of these data are previously released, the CB leading index tends to have a minimized immediate market impact.
Last month, the CB leading index came out at 0.0%. This month, it ended up increasing by 0.2%.
Eurozone – German Final GDP
On Friday, at GMT 6:00 a.m., the Destatis will release the quarter-over-quarter German Final GDP figure. It measures the changes in the value of all products and services produced by the Germany economy. However, this figure is adjusted for inflation in order to provide a more accurate data.
Binary options investors consider the German GDP to be one of the most vital fundamental indicators of measure the production in the Eurozone economy. Because the German economy makes up a large part of the entire Eurozone economic activities.
Last quarter, the German final GDP grew by 0.5%. This month, the forecast is currently set at 0.5% as well.
EUR/AUD Forecast
The EUR/AUD broke below the uptrend line on July 9, 2018. However, it promptly went up to test the resistance around 1.5865. After several attempt, the pair failed to break above the resistance. Consequently, the EUR/AUD formed a bearish pin bar on July 20. Since then it fell by around 300 pips.
The EUR/AUD remained mostly range bound for the last two weeks. Currently, it is trading around the pivot zone near 1.5660.
The Australian CB Leading Index went up by 0.2% over the last month. On the other hand, analysts are expecting the German final GDP to remain unchanged at 0.5%. We believe it would set a bullish fundamental outlook for the EUR/AUD this week. Therefore, if the EUR/AUD closes above the resistance near 1.5660, it would likely attract additional bullish momentum in the market.
Hence, Australian binary options traders should look out for trading opportunities above this major resistance level around 1.5660.
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