AUD/USD – Technical Analysis for US Binary Options Brokers
Australia – Building Approvals
Today, at GMT 1:30 a.m., the Australian Bureau of Statistics released the national month-over-month building approvals figure, which measures the changes in the number of approvals of new buildings.
Since a build permit indicates new construction work, it suggests that there would be additional positive economic activities. For example, new jobs would be created for construction workers. Therefore, binary options traders 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 went down by -11.8% and the forecast for this month was set at an increase of only 4.6%. However, the actual figure came out much better, at 7.0%.
United States – Retail Sales
On Friday, at GMT 2:30 p.m., the US Census Bureau will release the national month-over-month retail sales figure, which measures the changes in the total value of all sales made at the retail level in the country over the past month.
Retail sales data are considered by binary options investors to be the primary gauge of consumer spending and confidence. This is because when consumers are confident about their future financial situation, they tend to spend more.
Last month, the US retail sales value increased by 0.1% and the forecast for this month is that it would likely increase by an additional 0.5%.
Trade Recommendation for the AUD/USD
After breaking above the 0.7245 level last week, the AUD/USD climbed up by around 120 pips so far. However, after reaching near the resistance level around 0.7360, the bullish momentum seems to be fading, as the pair failed to close above this resistance in the last several days.
As the Australian building approvals figure came out much better than what the market was expecting, it would likely set a bullish fundamental outlook for the AUD/USD this week. Furthermore, if the US retail sales figure comes out lower than 0.5%, it would renew the bullishness in the market.
Hence, if the AUD/USD price closes above the 0.7360 level in the next few days, 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 binary options brokers as soon as the price closes above the 0.7360 level on the daily time frame.
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