AUD/USD Eyes Support Around 0.7490 As US Core Durable Goods Orders Set to Increase by 0.4%

AUD/USD – Technical Analysis for Binary Options Brokers

Australia – Consumer Price Index

On Wednesday, at GMT 2:30 a.m., the Australian Bureau of Statistics will release the quarter-over-quarter consumer price index (CPI) figure that measures the changes in the price of goods and services bought by Australian consumers in the last quarter.

Since the consumer price index is primarily used by the Australian central bank to measure inflation, any significant change in the CPI often makes the Forex market extremely volatile. Also, as the inflation at the retail level has a big influence on the central bank’s future monetary policy. Hence, it is considered by binary options traders to be a leading indicator of the Australian economy.

Last quarter, the Australian consumer price index increased by 0.5%, and the forecast for this quarter is that it will increase by 0.6%.

United States – Core Durable Goods Orders

On Thursday, at GMT 1:30 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.

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 increased by 0.5% and the forecast for this month is currently set at an increase of 0.4%.

AUD/USD Forecast

AUDUSD Analysis for binary options brokers

Since January 16, 2017, the AUD/USD remained range bound and mostly traded within 0.7450 and 0.7750. However, since breaking below the uptrend line on April 3, 2017, the AUD/USD turned bearish and last week, it tested the support level around 0.7490.

Although there was strong bearish momentum, the pair failed to penetrate below the 0.7490 level last week and started a minor bullish retracement. But, earlier this week, the AUD/USD seems to be resumed the downtrend

As the US core durable goods orders figure is expected to increase by 0.4% over the last month, we believe it would likely set a bearish fundamental outlook for the AUD/USD this week.

Under the circumstances, if the AUD/USD penetrates below the 0.7490 level, it would likely attract additional bearish momentum in the market. Hence, US binary options traders should look out for trading opportunities below this major support level around 0.7490.

Top US Binary Options brokers To trade AUD/USD

Top US Broker: BinaryMate

US Regulated Platform: NADEX

Top binary Options Robots

BitBot Pro


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