GBP/AUD – Forecast & Technical Analysis for Australian Binary Options
United Kingdom – Consumer Price Index
On Wednesday, at GMT 12:30 a.m., the UK’s Office for National Statistics will release the year-over-year Consumer Price Index (CPI). It measures the changes in the price of goods and services acquired by consumers.
The CPI basically measures the inflation level in the economy. HighLow Binary investors consider it as an important leading indicator of the overall economic health.
Last month, the UK’s CPI (y/y) increased by 1.9%. Analysts are expecting it to grow at a high pace, at 2.0%.
Australia – Unemployment Rate
On Thursday, at GMT 1:30 a.m., the Australian Bureau of Statistics will release the national unemployment rate. It measures the percentage of total workforce which remained unemployed over the past month.
Binary options traders 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 unemployment as low as possible. This is a lagging indicator. But, analyzing this data can help Forex traders predict future interest rates. Also, it can help forecast inflation situation in the country.
Last month, the unemployment rate in Australia came out at 4.9%. This month, analysts are expecting it to go up a bit to at 5.0%.
The GBP/AUD broke below the uptrend line on March 29, 2019. Since then, it fell by only around 230 pips. Over the last few days, the GBP/AUD gained bullish momentum. During this time, it has gone up by around 112 pips. Currently, it is approaching the next resistance located at 1.8340.
Australian unemployment will likely go up to 5.0%. But, the CPI in the UK might go up to 2.0%. Growing inflation will put pressure on the UK’s central bank to increase interest rates. So, it will be a piece of bullish news for the GBPAUD. 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 1.8340, it would likely attract additional bullish momentum in the market.
Hence, High Low binary options traders should look out for trading opportunities above this major resistance level around 1.8340.
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