GBPAUD – Technical Analysis for Binary Options
United Kingdom – Public Sector Net Borrowing
On Tuesday, at GMT 9:30 a.m., the UK’s Office for National Statistics will release the public sector borrowing figure. It measures the difference in value of the spending and income of the public corporations as well as the central government of the UK and other local governments during the last month.
A positive public sector borrowing figure would indicate a budget deficit and a negative figure would indicate a budget surplus. Hence, HighLow traders consider a negative figure to be a good news for the British Pound.
Last month, the UK public sector borrowing figure came out at 6.3 billion, and the forecast for this month is set at a much lower figure, at 1.1 billion.
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 5.1%. This month, analysts are expecting it to remain unchanged at 5.1%.
GBP/AUD Forecast
Since breaking above the downtrend line on December 14, 2018, the GBP/AUD remained bullish. Over the one month or so, it has climbed up by around 750 pips. After reaching near the resistance around 1.8050, it managed break above it. However, the bullish momentum did not sustain, and the pair soon fell below the pivot zone. Currently, the GBP/AUD is testing the 1.8050 once again.
The Australian unemployment rate is likely to remain unchanged at 5.1% over the last month. On the other hand, the UK’s public sector net borrowing will likely drop to 1.1 billion. We believe it would set a bullish fundamental outlook for the GBP/AUD this week. Therefore, if the GBP/AUD closes above the resistance near 1.8050, it would likely attract additional bullish momentum in the market.
Hence, binary options brokers should look out for trading opportunities above this major resistance level around 1.8050.
- GBP/AUD Appears Bullish Amid Impressive Growth of Net Lending to Individuals in the UK - January 4, 2022
- AUD/CHF Likely to Break Above Key Resistance if Swiss Trade Balance Declines - December 20, 2021
- AUD/JPY Downtrend Line Likely to Hold the Bulls As Declining Japanese Household Spending Slowed Down - December 7, 2021
