AUDCHF – Technical Analysis for Australian Binary Options
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 0.1%. This month, it doubled to 0.2%.
United Kingdom – CBI Industrial Order Expectations
On Tuesday, at GMT 10:00 a.m., the Confederation of British Industry released its industrial order expectations readings. It measures the level of a diffusion index by surveying 550 manufacturers in the country.
Binary options investors and other market participants consider the CBI industrial order expectations index reading to be a leading indicator of the UK’s economy. This is because manufacturing businesses quickly react to changing market situations. Also, a sudden change in their expectations can signal future overall economic activity in the country. It can include corporate spending, job creation, and capital investments.
Last month, the CBI industrial order expectations index reading came out at -1. This month, the forecast for was set at -1 as well. However, the actual index reading came out much worse, at -6.
AUD/CHF Forecast
Since forming a bearish outside bar on May 22, the AUD/CHF remained highly bearish. Over the last several months, the pair fell by around 700 pips. After reaching the 0.6875 level, the AUD/CHF formed a double-bottom pattern and started a bullish retracement. Over the last few weeks, it has formed a well-respected uptrend line as well. However, so far, the 0.7115 level seems to be providing ample resistance and holding it from climbing further up.
The Australian CB leading index out at 0.2% and grew double compared to last month. On the other hand, the CBI industrial order expectations came out at -6 against an estimate of -1. We believe it would set a bullish fundamental outlook for the AUD/CHF this week. Therefore, if the AUD/CHF closes above the resistance near 0.7115, 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 0.7115.
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