AUD/USD – Technical Analysis for US Binary Options
Australia – ANZ Job Advertisements
Today, at GMT 2:30 a.m., Australia and New Zealand Banking Group (ANZ) released its monthly Job Advertisement figure, which measures the changes in the number of advertised jobs in key Australian cities through the major daily newspapers and web portals.
Since job advertisements usually lead to hiring new employees, binary options traders consider this data from ANZ to be a leading indicator of the employment trend in the country. The ANZ Job Advertisement figure usually has greater impact on the Australian Dollar when it is released before the Australian government’s official employment data.
Last month, the ANZ Job Advertisement figure increased by 1.5%, and this month it increased by an additional 0.4%, indicating that employers are looking to hire more workers in the coming months.
United States – ISM Non-Manufacturing PMI
Later, at GMT 3:00 p.m., the US based Institute for Supply Management (ISM) released its monthly Non-Manufacturing PMI figure, which measures the level of a diffusion index created by surveying purchasing managers. However, the ISM’s PMI figure excludes the non-manufacturing sector.
Binary options investors consider the ISM Non-Manufacturing PMI figure to be a leading economic indicator because purchasing managers have the most updated view of the economy.
Last month, the ISM’s PMI figure came out at 57.5 and the forecast for this month was set at a slightly lower figure, at 57.1. However, the actual figure came even lower than what the market was expecting, at 57.1.
Since March 21, 2017, the AUD/USD has remained in a strong downtrend, and formed a downward sloping trendline in the process. On April 4, the pair broke below the previous uptrend line, which accelerated the downtrend. However, last month, on May 9, the AUD/USD found a strong support around the 0.7335 level, which prompted the pair to start a bullish retracement.
Although the downtrend seemed to be over, as indicated by the AUD/USD breaking above the downtrend line on May 22, it started another bearish move towards the downtrend line last week. However, the bullish momentum seems to be returning to the market as the AUD/USD climbed around 75 pips earlier today. Currently, the pair is approaching the resistance near the 0.7515 level.
As the Australian ANZ Job Advertisements figure increased by 0.4%, we believe it would set a bullish fundamental outlook for the AUD/USD this week. Therefore, If the pair breaks above the 0.7515 level, it would likely find additional bullish momentum in the market.
Hence, US binary options traders should look out for trading opportunities above this major resistance level around 0.7515.
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