AUD/USD May Find Bullish Momentum Above Resistance Near 0.7600 Amid Strong Australian Business Confidence

AUD/USD – Technical Analysis for Binary Options USA

Australia – National Australia Bank (NAB) Limited Business Confidence Index

Tomorrow, at GMT 1:30 a.m., the National Australia Bank (NAB) Limited will release its monthly business confidence index figure. This figure measures the level of a diffusion index based on a survey of 350 businesses in Australia.

The survey asks respondents to rate the current business environment in Australia. Since businesses are the first to react to changing business conditions, the level of their sentiment regarding optimism and business confidence, binary options traders consider it as a leading indicator of the overall economic health in the coming months.

Last month, the NAB business confidence index reading came out at 10, a first double digit figure after several months. If the trend continues, it would likely to have a bullish effect on the Australian Dollar.

United States – Producer Price Index

Later, at GMT 1:30 p.m., the US Department of Labor will release the Producer Price Index (PPI) figure, which measures the changes in the price of products and services bought by manufacturers and service providers in the country.

Since the higher cost of production is usually passed on to the consumers, a rise in the producer price index indicates future inflation. Hence, this data is vital for binary options trading as it is used by binary options investors as a leading indicator of the overall US economy.

Last month, the US month-over-month PPI increased by 0.6%, indicating inflationary pressure on the economy. Currently, the forecast for this month is set at 0.1% increase.

Trade Recommendation for the AUD/USD

AUD/USD Analysis for binary options USA

After breaking below the 0.7650 level two weeks ago, the AUD/USD price has sharply fallen towards the 0.7490 level, where the pair found support last week. After climbing up by around 60 pips on last Friday, earlier today, the AUD/USD price penetrated above the high of the Friday, and currently approaching the resistance near the 0.7600 level.

As the NAB business confidence index reading has gone up by almost double in the last month compared to the previous month, but the US PPI is expected to increase only 0.1% over the last month compared to 0.6% in the previous month, we believe it would likely set a bullish fundamental outlook for the AUD/USD this week.

Hence, if the AUD/USD price penetrates above the 0.7600 level, it would likely attract additional bullish momentum in the market.

Under the circumstances, it would be recommended that binary options USA traders consider placing a CALL order for the AUD/USD with their binary options brokers in United States as soon as the price closes above the 0.7600 level on the daily timeframe.

Top Binary Options USA To trade AUD/USD

Top US Broker: BinaryMate

US Regulated Platform: NADEX

Top International Broker ( Non-USA )

Top Global Broker: IQ Option

Asif Imtiaz

Asif worked as a prop trader for almost a decade, and later he managed trading operations for one of the largest foreign exchange strategy developers in Europe. Currently, he works as a trading consultant to several brokers and writes about various tech and financial topics. You can reach him at contact@asifimtiaz.com

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