United States – Final GDP
On Tuesday, at GMT 1:30 p.m., the US Bureau of Economic Analysis released the quarter-over-quarter final GDP. It measures the annualized change in the value of all goods and services produced by the US economy over the last quarter.
Binary options traders consider the final GDP to be an important fundamental indicator of the US economy. Because it indicates how the overall economic activity measured up compared to the previous quarter.
Last quarter, the US final GDP increased by 33.1%. The forecast for this quarter was set at an increase of 33.1%. The actual result came out slightly better, at 33.4%.
Australia – Private Sector Credit
On Wednesday, at GMT 12:30 a.m., the Reserve Bank of Australia released the month-over-month Private Sector Credit data. It measures the changes in the total value of new credit issued to consumers and corporations in the country over the previous month.
Binary options investors consider the private sector credit to be an important fundamental indicator of the Australian economy. Because borrowing and spending are highly correlated. Consumers and businesses only take out credit when they feel confident about their ability to pay it back in the future. Hence, it also acts as a measure of consumer and business confidence.
Last month, the private sector credit in Australia did not change and remained at 0.0%. The forecast for this month was that it would increase by 0.1%. The actual figure matched the expectation and came out at 0.1%.
Since November 2, 2020, the AUD/USD remained in a strong uptrend. Over the last two months, it has gone up by around 600 pips. Yesterday, the AUD/USD broke below the uptrend line. However, soon it found support near the 0.7510 level and started a bullish retracement. Also, the MACD indicator is showing a strong possibility of reversal.
The Australian Private Sector Credit increased by 0.1%, as expected. On the other hand, the US Final GDP came out much better than expected, at 33.4%. We believe it would set a bearish fundamental outlook for the AUD/USD this week. Therefore, if the AUD/USD closes below the support near 0.7510, 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 0.7510.
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