Technical Analysis to trade AUD/USD & BTC/USD for NADEX
United States – CB Consumer Confidence
On Tuesday, at 2:00 p.m., the Conference Board Inc. will publish its Consumer Confidence index. It 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. So, it can significantly affect the overall economic conditions. Hence, binary options traders consider this kind of survey-based index to be a leading indicator of the economy.
Last month, the CB Consumer Confidence index came out at 130.8. This month, the forecast is that the index reading will come out slightly higher, at 131.2.
Switzerland – KOF Economic Barometer
On Thursday, at GMT 7:00 a.m., the KOF Economic Research Agency will release its economic barometer index. It measures the changes in the level of a composite index.
The KOF develops this composite index by analyzing 219 different economic indicators. Hence, binary options investors consider this to be an important fundamental indicator regarding the Swiss economy.
Last month, the KOF economic barometer index reading came out at 108.0. The forecast for this month is currently set at a slightly lower reading, at 107.5.
The 1.0000 level rejected the USD/CHF bulls at the end of October 2017. Since then, the pair fell by around 800 pips and found support near 0.9200 on February 16, 2018. During the last few months, the USD/CHF formed a well-respected downtrend line. Last week, the USD/CHF broke above this downtrend line, but found resistance near the 0.9570 level.
The Swiss KOF Economic Barometer may drop from 108.0 to 107.5 this month. On the other hand, analysts are expecting the US consumer confidence reading to soar from 130.8 to 131.2. We believe it would set a bullish fundamental outlook for the USD/CHF this week. Therefore, if the USD/CHF closes above the resistance near 0.9570, 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 0.9570.
The BTC/USD price continue to trade within tight range between 7520 and 12000 since February. Unless we see the bitcoin price breaking this range bound momentum, there may not be any good trading opportunities in the market.
However, as Silvio Schembri, Malta’s Parliamentary Secretary for Financial Services, commented about his ambition to make Malta the “The Blockchain Island,” the mood of regulators might be changing in some parts of the world.
In fact, after the BTC/USD got rejected around 7520 on March 18, the bullish momentum sustained over the last week. Therefore, if the bitcoin price continues to trade above the 7520 level, it may soon retest the 12,000 level.
Hence, US bitcoin traders should look out for trading opportunities above this major support level around 7520.
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