NZD/USD – Technical Analysis for US Binary Options Platforms
United States – CB Consumer Confidence
Tomorrow, at 4:00 p.m., the Conference Board Inc. will publish its Consumer Confidence index that measures the level of a composite index created from data based on a regular monthly household survey.
A higher consumer confidence usually indicates future consumer spending, which can significantly affect the overall economic conditions. Hence, binary options brokers consider this kind of survey based index to be a leading indicator.
Last month, the CB Consumer Confidence index came out at 113.7 and this month, the forecast is that the index reading will come out slightly lower, at 112.6.
New Zealand – Unemployment Rate
Later in the day, at GMT 10:45 p.m., the Statistics New Zealand will release the national unemployment rate of New Zealand.
The national unemployment rate measures the percentage of the total work force who were actively seeking employment opportunity during the previous quarter. The unemployment rate is usually considered as a lagging economic indicator. However, binary options investors consider this to be an important leading indicator as it indicates the future consumer spending in the economy as people with jobs and steady paychecks tend to spend more.
During the last quarter, New Zealand’s unemployment rate came out at 4.9% and the forecast is that the unemployment rate for this quarter would slightly improve to 4.8%
Trade Recommendation for the NZD/USD
Since December 23, 2016, the NZD/USD price has climbed up by around 450 pips and reached the pivot zone near 0.7315, where it found resistance last week. During this month long uptrend, the NZD/USD also formed two uptrend lines, one of which was broken earlier today.
As the New Zealand’s unemployment rate is expected to come down to 4.8% and the CB consumer confidence in the US expected to decline slightly to 112.6, we believe these minor changes would likely set a tentative fundamental outlook for the NZD/USD this week. However, as the pair has broken one uptrend line, if the price penetrates below the next support level around 0.7215, 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 NZD/USD with their top binary options brokers as soon as the price closes below the 0.7215 level on the daily time frame.
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