AUDUSD – Binary Options Technical Analysis.
Australia – CB Leading Index
Today, at GMT 3:30 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 0.1% and if it once again comes positive, it would certainly help appreciate the Australian Dollar this week.
United States – Unemployment Claims
On Thursday, at GMT 1:30 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 262,000 and the forecast for this week is currently set at a slightly higher figure, at 265,000.
Trade Recommendation for the AUDUSD
Since the end of May 2016, the AUDUSD has remained in a strong uptrend and formed a well-respected uptrend line in the process. So far, the AUD/USD price has penetrated this uptrend line a few times but failed to close below it.
However, earlier today, the AUDUSD price once again broke below the uptrend and now slowly approaching the important support area near the 0.7575 level.
As the Australian CB leading index and the US unemployment claims figures are expected to come near its previous period, the market fundamental for the AUUSD would likely to have a minimum impact. Hence, if the AUDUSD price breaks below the 0.7575 level, it would likely to attract additional bearish momentum and decline further.
Under the circumstances, it would be recommended that US binary options traders consider placing a PUT order for the AUD/USD with their binary options brokers as soon as the price and closes below the 0.7575 level on the daily chart.
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