AUD/USD – Technical Analysis for US Binary Options Platforms
Australia – Consumer Price Index
On Wednesday, at GMT 1:30 a.m., the Australian Bureau of Statistics will release the quarter-over-quarter consumer price index (CPI) figure that measures the changes in the price of goods and services bought by Australian consumers in the last quarter.
Since the consumer price index is primarily used by the Australian central bank to measure inflation, any significant change in the CPI often makes the Forex market extremely volatile. Also, as the inflation at the retail level has a big influence on the central bank’s future monetary policy. Hence, it is considered by binary options traders to be a leading indicator of the Australian economy.
Last quarter, the Australian consumer price index increased by 0.7%, and the forecast for this quarter is that it will remain unchanged at 0.7% as well.
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 234,00 and the forecast for this week is set at an increase to 247,000.
Trade Recommendation for the AUD/USD
Since breaking above the downtrend line on December 29, 2016, the AUD/USD remained in a strong uptrend and so far, climbed up by around 340 pips over the last three weeks. Currently, the AUD/USD is trading near 0.7575, which is a major psychological pivot zone, now acting as resistance.
As the Australian CPI is likely to remain unchanged at 0.7% and the US unemployment claims figure is expected to increase by 13,000 over the last week, it would likely set a bullish fundamental outlook for the AUD/USD this week. Hence, if the AUD/USD price closes above the 0.7575 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 binary options platforms as soon as the price closes above the 0.7575 level on the daily time frame.
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