AUDUSD – Technical Analysis for US Binary Options Brokers
United States – Retail Sales
Tomorrow, at GMT 1:30 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.
In October, the US retail sales value increased by 0.6% and the forecast for this month is that it would likely remain unchanged at 0.6% as well.
Australia – Unemployment Rate
On Thursday, at GMT 12:30 a.m., the Australian Bureau of Statistics will release the national unemployment rate, which measures the percentage of total work force which remained unemployed over the past month.
Binary options traders consider the unemployment rate to be one of the most important fundamental indicators of the Australian economy because one of the main goals of the Reserve Bank of Australia is to keep the unemployment as low as possible. Although this is a lagging indicator, analyzing this data can help binary options traders predict future interest rates and inflation situation in the country.
Last month, the unemployment rate in Australia came out at 5.6% and the forecast for this month is that the unemployment will slightly increase to 5.7%.
Trade Recommendation for the AUD/USD
Since the start of June 2016, the AUD/USD price has climbed up around 550 pips and formed a well-respected uptrend line in the process. However, last week, the AUD/USD price broke below this uptrend line and indicated an end of the uptrend.
After the AUD/USD price fell by around 245 pips last week, it finally found support around the key historical pivot zone around the 0.7530 level.
As both the US retail sales and Australian unemployment rate are expected not to change by much compared to the previous month, the fundamental outlook for the AUD/USD would likely remain neutral this week. The tentative nature of the market could be observed by today’s price action, which is likely to produce a neutral Doji bar.
However, as the AUD/USD broke below this multi-month uptrend line, if the price breaks below the 0.7530 level, it would likely attract additional bearish pressure in the market.
Under the circumstances, it would be recommended that binary options traders consider placing a PUT order for the AUD/USD with their US binary options brokers as soon as the price closes below the 0.7530 level on the daily time frame.
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