AUD/USD – Technical Analysis for US Binary Options
United States – Building Permits
On Tuesday, at GMT 1:30 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, and construction work usually increases the demand for products and services in the local area, binary options traders consider this data to be a leading indicator of the overall economic activity in the country.
Last month, 1.27 million building permits were issued and this month, analysts are expecting the figure to come out around 1.27 million as well.
Australia – Unemployment Rate
On Thursday, at GMT 2:30 a.m., the Australian Bureau of Statistics will release the national unemployment rate, which measures the percentage of total work force which remained unemployed over the past month.
Binary options investors consider the unemployment rate to be one of the most important fundamental indicators of the Australian economy because one of the main goals of the Reserve Bank of Australia is to keep the unemployment as low as possible. Although this is a lagging indicator, analyzing this data can help Forex traders predict future interest rates and inflation situation in the country.
Last month, the unemployment rate in Australia came out at 5.9% and the forecast for this month is also set at 5.9%.
Although the AUD/USD remained in a strong downtrend since April 4, 2017, the pair found substantial support around the 0.7335 level last week. Over the last few days, the AUD/USD has climbed up by around 90 pips and earlier today, the bullish retracement stopped around the resistance near 0.7425 level.
As the Australian unemployment rate is expected to remain unchanged at 5.9% and the US building permits figure is also expected to come same as last month, at 1.27 million, we believe the fundamental outlook for the AUD/USD would remain tentative this week. However, given the strength of the current bullish retracement, if the AUD/USD penetrates above the resistance near 0.7425 level, 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 0.7425.
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