AUDUSD Likely to Break Above 0.7875 If US Producer Price Index Drops

AUDUSD- Technical Analysis for US binary Options

Australia – Building Approvals

On Tuesday, at GMT 12:30 a.m., the Australian Bureau of Statistics will release the national month-over-month building approvals figure. It measures the changes in the number of approvals of new buildings.

A build permit indicates new construction work. It also suggests that there would be additional positive economic activities. For example, new jobs might appear for construction workers. Therefore, US binary options investors consider this data regarding new building approvals to be a leading indicator of the overall economic health of the country.

Last month, the building approvals figure increased by 0.9%. Analysts are expecting it to decrease by -0.9%.

United States – Producer Price Index

On Thursday, at GMT 1:30 p.m., the US Department of Labor will release the Producer Price Index (PPI) figure. It measures the changes in the price of products and services bought by manufacturers and service providers in the country.

The higher cost of production is usually passed on to the consumers. So, a rise in the producer price index indicates future inflation. Hence, this data is vital for binary option trading as it is used by binary options traders as a leading indicator of the overall US economy.

Last month, the US month-over-month PPI increased by 0.4%. It indicated inflationary pressure on the economy. Analysts are expecting that this month it will increase by an additional 0.2%.

AUD/USD Forecast

AUDUSD analysis for US binary options - 8th January 2018

On September 8, 2017, the AUD/USD formed a bearish pin bar. It started a downtrend and pushed the price towards the support near 0.7515. After reaching 0.7515, the pair started a retracement and broke above the downtrend line. Currently, it is testing the resistance around the 0.7815 level.

Last month, the building approvals figure in Australia likely remain unchanged at 0.9%. However, the producer price index figure in the United States may drop from 0.4% to 0.2%. 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 0.7875, 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 0.7875.

BTCUSD Forecast

BTCUSD Analysis for Bitcoin - 8th January 2018

After reaching the all-time high at the end of last year, the BTCUSD remained mostly range bound. Last week, we saw some bullishness that pushed to price above 17,000 level. However, over the last 24 hours, the BTCUSD pair lost over 7.0% market capitalization. During this recent bearishness, it found a strong support near the 13,950 level.

Oil rich Venezuela has announced to issue the first sovereign cryptocurrency called the Petros. Analysts are optimistic that such initiatives will help spread words about cryptocurrencies in general and might attract new investors in bitcoin! However, given the recent bearishness, if the BTCUSD breaks below the 13,950 level, it will likely attract additional bearish momentum in the market.

Hence, Hence, US bitcoin traders should look out for trading opportunities below this major support level around 13,950.

Top Platform for US Binary Options Traders to trade AUDUSD

US Regulated Platform: NADEX

 

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