AUD/USD Finds Support Near Uptrend Line Amid a Consistent US Housing Market

AUD/USD – Technical Analysis for US Binary Options

Australia – House Price Index

Tomorrow, at GMT 1:30 a.m., the Australian Bureau of Statistics will release the House Price Index (HPI), which measures the changes in the selling price of houses in the 8 state capitals in Australia.

Since rising house prices indicate that investors are confident about purchasing houses and vice-versa, US binary options traders consider the HPI to be a leading indicator of investor confidence in the country. The HPI is usually released every three months in a quarter-over-quarter format.

Last month, the Australian HPI suggested that house prices in Australia’s 8 state capitals have increased by 2.2% and the forecast for this month is set at an additional increase of 1.3%.

United States – Building Permits

Later, at GMT 12:30 p.m., the US Census Bureau will release the Building Permits figure, which is an annualized number of new building permits for the residential housing sector issued during the last month.

Since getting a building permit usually indicate future construction work, binary options investors consider this data to be a leading indicator of the overall economic activity in the country.

Last month, 1.23 million building permits were issued and this month, analysts are expecting the figure to come out around 1.22 million.

AUD/USD Forecast

AUD/USD Analysis for US binary options - 18/09/17

After remaining highly bullish since the beginning of May and climbing close to 700 pips, the AUD/USD traded sideways over the last few weeks. Last week, the pair found support near the uptrend line, then promptly went up to the resistance near 0.8040. However, as soon as the pair broke above this resistance, it formed a bearish pin bar, which pushed the price towards the uptrend line over the last week where it found support near the 0.7960 level.

As the Australian HPI is expected to grow at a slower rate compared to last month, but the US building permits figure is expected to remain almost the same, we believe it would likely set a bearish fundamental outlook for the AUD/USD this week. Therefore, if the AUD/USD breaks below the uptrend line and closes below the support around 0.7960, it would likely find additional bearish momentum in the market.

Hence, US binary options traders should look out for trading opportunities below this major support level around 0.7960.

Top US Binary Options Brokers to trade AUD / USD

Top US Broker: BinaryMate

US Regulated Platform: NADEX

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