Australia – Unemployment Rate
On Thursday, at GMT 12:30 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 5.3%. This month, analysts are expecting it to remain unchanged at 5.3%.
Japan – National Core Consumer Price Index (CPI)
On Thursday, at 11:30 p.m., the Japanese Statistics Bureau will release the month-over-month National Core Consumer Price Index (CPI) data.
Since the National Core CPI measures the changes in the price of goods and services but excludes the volatile food and energy prices, binary options traders consider this data to be more important compared to the CPI figure.
Last month, based on the Japanese National Core CPI, there were around 0.9% inflation in the economy. This month, the forecast is set at 1.0% inflation.
AUD/JPY Forecast
The AUD/JPY formed a large bearish outside bar on June 7, 2018. Since then, the pair has fallen by around 575 pips. However, after reaching near the 78.70 area, it found a strong support. Consequently, the AUD/JPY started a bullish retracement that pushed the price towards the 82.50 area. However, it once again found a resistance around this level and formed a downtrend line. Over the last two weeks, the AUD/JPY turned bearish and a few days ago, it tested the support near the 79.00 level.
The Australian unemployment rate will likely to remain same as last month, at 5.3%. On the other hand, analysts are expecting the Japanese National Core CPI to 0.9% to 1.0%. We believe it would set a bearish fundamental outlook for the AUD/JPY this week. Therefore, if the AUD/JPY closes below the support near 79.00, 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 79.00.
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