AUD/USD – Technical Analysis for US binary Options
United States – CB Consumer Confidence
On Tuesday, at 2:00 p.m., the Conference Board Inc. will publish its Consumer Confidence index that measures the level of a composite index created from data based on a regular monthly household survey.
A higher consumer confidence usually indicates future consumer spending, which can significantly affect the overall economic conditions. Hence, binary options brokers consider this kind of survey based index to be a leading indicator.
Last month, the CB Consumer Confidence index came out at 119.8. This month, the forecast is that the index reading will come out slightly higher, at 121.1.
Australian – Trade Balance
On Thursday, at GMT 12:30 a.m., The Australian Bureau of Statistics will release the monthly Trade Balance figure, which measures the difference in value between all import and export, including physical goods and intangible services.
Since the demand for export is directly correlated with the demand for the Australian Dollar, binary options investors analyse the monthly trade balance in order to gauge the strength of the AUD against other major currencies.
Last month, the Australian trade balance figure came out at 0.99 billion and the forecast for this month is currently set a slightly better figure, at 1.20 billion.
Since early May, the AUD/USD remained highly bullish and went up by around 800 pips. During these last few months, the AUD/USD also formed two strong uptrend lines, where the first uptrend line was broken earlier in September. Last week, the pair reached near the second uptrend line and formed a bullish pin bar. Currently, it is trading below the resistance level near 0.7710.
As the Australian trade balance is expected to go up to 1.20 billion, but the CB consumer confidence index in the United States is set to only by a narrow margin, from 119.8 to 121.1, 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 0.7710, 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 0.7710.
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