AUDUSD Bullish Momentum Likely Continue Australian Business Confidence Grows

AUDUSD- Technical Analysis for US binary Options

Australia – National Australia Bank (NAB) Limited Business Confidence Index

On Tuesday, at GMT 12:30 a.m., the National Australia Bank (NAB) Limited released its monthly business confidence index figure. This figure measures the level of a diffusion index based on a survey of 350 businesses in Australia.

The survey asks respondents to rate the current business environment in Australia. Businesses are the first to react to changing business conditions. So, US binary options traders consider it as a leading indicator of the overall economic health in the coming months because of the level of their sentiment regarding optimism and business confidence.

Last month, the NAB business confidence index reading came out at 7, after coming at 6 in the previous month. This month the trend continued. It came out at 11 and likely to have a bullish effect on the Australian Dollar.

United States – Institute for Supply Management (ISM) Manufacturing PMI

On Thursday, at GMT 3:00 p.m., the Institute for Supply Management will release its manufacturing PMI figure for the United States. The ISM’s US manufacturing PMI measures the level of a diffusion index based on a survey of 400 purchasing managers.

Purchasing managers in the United States are involved in the supply side of the economy. As most companies reduce their expenses and production based on their sales forecast, the survey of purchasing managers reveals the overall optimism of various companies in the country. Hence, binary options investors can easily figure out the sentiment regarding the economic condition in the country from the ISM manufacturing PMI readings.

Last month, the ISM manufacturing PMI for the United States came out at 59.7 and the forecast for this month is set at 59.0.

AUDUSD Forecast

AUD/USD Forecast for Us binary options - 30th January 2018Since December 12, 2017, the AUD/USD remained highly bullish. During the last month, it has climbed up by around 640 pips. Last week, the AUDUSD found a strong resistance near 0.8120. Currently, the pair looks bullish but it is still trading just below this key resistance.

The NAB business confidence came out at 11 this month as opposed to 7 last month. On the other hand, analysts are expecting the US manufacturing PMI reading to come down from 59.7 last month to 59.0 this month. We believe it would set a bullish fundamental outlook for the AUDUSD this week. Therefore,

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