AUD/USD – Technical Analysis for Binary Options in USA
- 1 AUD/USD – Technical Analysis for Binary Options in USA
- 2 Top US Broker: BinaryMate
- 3 US Regulated Platform: NADEX
- 4 Top Global Broker: IQ Option
Australia – CB Leading Index
Tomorrow, at GMT 4:30 p.m., the Conference Board Inc will release the month-over-month leading index for Australia, which measures the changes in the level of a composite index based seven other major fundamental indicators.
Since the CB leading index aggregates some of the other indicator data, binary options traders consider this to be an important representation of the overall Australian economy. However, since most of these data are previously released, the CB leading index tends to have a minimized immediate market impact.
Last month, the CB leading index increased by 0.5% after decreasing by around -0.4% in December 2016. However, in the last few months, it only declined once. Hence, there is a good chance that the index will increase once again this month, which may have a bullish impact on the valuation of the Australian Dollar against other major currencies.
United States – Unemployment Claims
On Thursday, at GMT 2:30 p.m., the US Department of Labor will release the unemployment claims figure, which measures the changes in the number of people who claimed for unemployment insurance over the last week.
Binary options investors consider the unemployment claims data to be one of the most important fundamental indicators of the US job market. This is primarily because unemployment and consumer spending has direct correlation and an increasing number of unemployment claims indicate lower consumer spending in the economy, which makes up the bulk of the economic activity in the United States.
Last week, the US unemployment claims figure came out at 239,00 and the forecast for this week is set at an increase to 242,000.
Trade Recommendation for the AUD/USD
Since December 23, 2016, the AUD/USD has climbed up by around 500 pips, and finally found strong resistance near the 0.7730 level last week. In the last two days, the AUD/USD price has come down a bit and penetrated below the support around 0.7676 as well.
The Australian CB index has increased over the last few months and it is likely to increase again this month. However, the AUD/USD price has gone up very fast in the last two months without any major retracements or pullbacks. Hence, if the current bearish retracement continues, and price penetrates below last Friday’s low, which is at 0.7656, it would likely attract additional bearish momentum 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 binary options in USA as soon as the price closes below the 0.7656 level on the daily timeframe.
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