United States – Existing Home Sales
On Wednesday, at GMT 3:00 p.m., the US National Association of Realtors released the existing home sales number. It is an annualized number of residential buildings that were sold during the last month in the country. However, this figure excludes the number newly building constructions.
The sale of an existing home usually has a wide-spread positive ripple effect in the local economy. So, collectively this figure acts as an excellent leading indicator of the overall economic health of the country. Therefore, binary options traders consider the existing home sales number to be an important data as it tends to have a considerable market impact.
Last month, the US existing home sales figure came out at 5.57 million. The forecast for this month is currently set at 5.61 million.
Australia – CB Leading Index
On Wednesday, at GMT 3:30 p.m., the Conference Board Inc will release the month-over-month leading index for Australia. It measures the changes in the level of a composite index based seven other major fundamental indicators.
The CB leading index aggregates some of the other indicator data. So, binary options investors consider this to be an important representation of the overall Australian economy. However, since most of these data are previously released, the CB leading index tends to have a minimized immediate market impact.
Last month, the CB leading index increased by 0.3%. If the positive trend continues this month, it would likely have a bullish influence on the Australian Dollar against other major currencies.
The AUD/USD remained bullish since the start of December 2017. However, after reaching near the resistance around 0.8100, it reversed the trend. On February 1, the AUD/USD broke below the uptrend line in the process and found support near 0.7780. Last week, the pair formed a bullish outside bar on February 14, but failed to break above the resistance near 0.7950.
The Australian CB Leading Index went up week and it appears to be on an uptrend. On the other hand, the US existing home sales figure went down last month and the forecast is set at a slightly higher figure this month. We believe it would set a bullish fundamental outlook for the AUD/USD this week. Therefore, if the AUD/USD closes above the resistance near 0.7950, it would likely attract additional bullish momentum in the market.
Hence, US binary options traders should look out for trading opportunities above this major resistance level around 0.7950.
After remaining bearish for the last few weeks, the BTC/USD finally formed bullish pin bar and turned bullish on February 6. Over the last two weeks, the BTC/USD price gradually went up near the downtrend line. Currently, it is about to break above the downtrend line and test the resistance near the 12,000 level.
Meanwhile, US lawmakers from both parties are considering to form new legislation that will regulate cryptocurrencies in the country. While news about regulation usually proved to be negative for bitcoin, if the US lawmakers finally put it under SEC’s watch, it might make bitcoin transactions legitimate worldwide! We believe this news will help the bitcoin gain bullish momentum in the market.
Hence, US bitcoin traders should look out for trading opportunities above this major resistance level around 12,000.