AUD/USD – Technical Analysis for US Binary Options Brokers
United States – Core Durable Goods Orders
Today, at GMT 12:30 p.m., the US Census Bureau will release the month-over-month core durable goods orders figure, which measures the changes in the total value of all new purchase orders made to the US manufacturers for durable goods over the past month. However, the US Census Bureau excludes goods from the transportation sector in this figure in order to offer an accurate picture.
US Binary options brokers consider the US core durable goods orders to be the primary gauge of production situation in the economy, as an increase in purchase orders indicates that US manufacturing activity and growth will happen in the near future.
Last month, the US core durable goods orders decreased by 0.5% and the forecast for this month is currently set at an increase of 0.4%.
Australia – Private Sector Credit
On Friday, at GMT 1:30 a.m., the Reserve Bank of Australia will release the month-over-month Private Sector Credit data, which measures the changes in the total value of new credit issued to consumers and corporations in the country over the previous month.
Binary options investors consider the private sector credit to be an important fundamental indicator of the Australian economy as borrowing and spending are highly correlated. Consumers and businesses only take out credit when they feel confident about their ability to pay it back in the future. Hence, it also acts as a measure of consumer and business confidence.
Last month, the private sector credit in Australia increased by 0.4% and the forecast for this month is currently set at an increase of 0.4% as well.
Since breaking above the downtrend line on May 22, the AUD/USD remained bullish and the price has climbed up by around 170 pips over the course of June. Nonetheless, last week, the AUD/USD found a strong resistance near the 0.7635 level, and so far, the pair has failed to penetrate above this level.
As the Australian private sector credit is expected to increase by 0.4% over the last month, we believe it would likely set a bullish fundamental outlook for the AUD/USD this week. Therefore, if the AUD/USD penetrates above the resistance near 0.7635, 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 0.7635.
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