United States – ISM Non-Manufacturing PMI
On Tuesday, at GMT 2:00 p.m., the US based Institute for Supply Management (ISM) released its monthly Non-Manufacturing PMI figure, which measures the level of a diffusion index created by surveying purchasing managers. However, the ISM’s PMI figure excludes the non-manufacturing sector.
Binary options investors consider the ISM Non-Manufacturing PMI figure to be a leading economic indicator because purchasing managers have the most updated view of the economy.
Last month, the ISM’s PMI figure came out at 56.8. The forecast for this month is set at a slightly higher figure, at 57.9.
New Zealand – GDT Price Index
On Tuesday, the Global Dairy Trade will release the GDT price index. It measures the changes in the average price of dairy products sold at auction in New Zealand.
The bulk of New Zealand’s exports to the world market consists of dairy products. Therefore, the GDT price index acts as a leading indicator of the country’s trade balance. This is because the rising price of dairy products ensures that foreign buyers have to purchase it at a higher price. Hence, binary options traders use this data to predict future trade balance, which helps in the valuation of the New Zealand Dollar against other major currencies.
Last period, the GDT price index increased by 1.9% after decreasing by -1.1% in the previous reporting period. If the figure grows again this month, it will likely have a bullish effect on the New Zealand Dollar.
Since forming a bearish outside bar (BEOB) on April 13, the NZD/USD remained bearish. Over the last two months, the pair fell by around 550 pips. However, after reaching near the 0.6900, it found a strong support. Consequently, over the last two weeks, the AUD/NZD started a bullish retracement that pushed the price towards the resistance around 0.7020. Currently, it is testing the 0.7020 level once again.
The New Zealand’s GDT Price Index started growing last month and the uptrend may continue. On the other hand, analysts are expecting the US ISM Non-Manufacturing PMI reading to increase from 56.8 to 57.9. Although the US economy is doing great, the Fed is set to hike rates in June and it has been already priced in by the market. Therefore, we believe if the GDT price index in New Zealand grows, it would set a bullish fundamental outlook for the NZD/USD this week. If the NZD/USD closes above the resistance near 0.7020, it would likely attract additional bullish momentum in the market.
Hence, US binary options traders should look out for trading opportunities above this major resistance level around 0.7020.
The BTC/USD remained range bound since the middle of February 2018. Over the last several months, the BTC/USD formed a symmetrical triangle, where the 8865 level acted as a pivot zone.
Popular Cryptocurrency market maker and exchange Huobi said last week that it is launching a cryptocurrency exchange-traded fund. The ETF will allow retail investors gain exposure to a set of crypto assets instead of just one at a time. The new investment instrument is called HB10. It is now open for investors to buy. HB10 includes major cryptocurrencies like Bitcoin, Ethereum, Eos, and Huobi Token (HT), among others. Such ETF will allow a broader set of institutional investors to increase exposure to the Crypto assets. Therefore, it will prove to be a positive news for the bitcoin price.
Hence, US bitcoin traders should look out for trading opportunities above this major resistance level around 8865.