AUDUSD – Technical Analysis for Top Binary Options Brokers
US ISM Non-Manufacturing PMI
Today, at GMT 4:00 p.m., the US based Institute for Supply Management (ISM) will release its monthly Non-Manufacturing PMI figure, which measures the level of a diffusion index created by surveying purchasing managers. However, the ISM’s PMI figure excludes the non-manufacturing sector.
Binary options investors consider the ISM Non-Manufacturing PMI figure to be a leading economic indicator because purchasing managers have the most updated view of the economy.
Last month, the ISM’s PMI figure came out at 54.7 and the forecast for this month is currently set at a slightly improved figure, at 55.3.
Australia – Cash Rate
Tomorrow at GMT 4:30 a.m., the Reserve Bank of Australia (RBA) released the official cash rate, which is the interest rate that major Australian banks and financial institutions pay to borrow funds held at the RBA.
Since short-term interest rates are the primary factor in the valuation of the Australian Dollar against other major currencies, binary options traders pay close attention to any changes in the official cash rate.
The RBA last time cut its cash rate was on May 2015, when it was reduced to 2% from 2.20%. The forecast for this month was that the RBA will leave the cash rate unchanged for the time being and the RBA did leave it at 2.0%.
Trade Recommendation for the AUD/USD
Since breaking below the uptrend line on November 11, 2016, the AUD/USD price had fallen by around 250 pips and found support near the 0.7335 level. On November 21, the AUD/USD price formed a bullish outside bar, that started a new bullish retracement move, as a result, the pair has climbed back to the 0.7450 level. Currently, the AUD/USD is trading near the important psychological level near 0.7490.
As the US ISM non-manufacturing PMI figure is expected to go up to 55.3, a slight improvement compared to last month, we believe it would not have a significant impact on the AUD/USD price this week. Therefore, if the AUD/USD price breaks above the 0.7500 level, it would likely attract additional bullish momentum in the market.
Under the circumstances, it would be recommended that binary options traders consider placing a CALL order for the AUD/USD with their Top Binary options brokers as soon as the price closes above the 0.7500 level on the daily time frame.
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