AUD/USD – Technical Analysis for US Binary Options
United States – Building Permits
On Wednesday, at GMT 12:30 p.m., the US Census Bureau will release the Building Permits figure, which is an annualized number of new building permits for the residential housing sector issued during the last month.
Since getting a building permit usually indicate future construction work, US binary options traders consider this data to be a leading indicator of the overall economic activity in the country.
Last month, 1.17 million building permits were issued and this month, analysts are expecting the figure to come out around 1.20 million.
Australia – CB Leading Index
On Thursday, at GMT 2:00 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 investors 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 0.3% and this month the forecast is that it will increase by an additional 0.4%.
Since breaking above the downtrend line on May 22, the AUD/USD has climbed up by around 350 pips and broke above the resistance near 0.7570. Last week, the AUD/USD once again tested the 0.7570 level, which now acted as a support, but the pair failed to penetrate below this level. Consequently, the AUD/USD resumed the uptrend and reached near the resistance level around 0.7830. Currently, it is trading just below this resistance level.
As the Australian CB leading index is expected to increase by an additional 0.4%, but the US building permits figure is expected to increase not much, from 1.17 million to 1.20 million, we believe it would likely set a bullish fundamental outlook for the AUD/USD this week. Therefore, if the AUD/USD penetrates above the resistance near 0.7830, it would likely attract additional bullish momentum in the market and continue the uptrend.
Hence, US binary options traders should look out for trading opportunities above this major resistance level around 0.7830.
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