US dollar and Australian dollar – Technical analysis of forex and binary options brokers
United States - retail sales
Tomorrow, at the hour01:30 pm GMT, the US Census Bureau released the monthly national retail sales figure, which measures the change in the total value of all sales made at the retail level in the country over the past month.
Binary options investors consider retail sales data to be a key gauge of consumer spending and confidence. This is because when consumers are more confident about their future financial situation, they tend to spend more.
In October, the value of retail sales in the United States increased by 0.6% and expectations for this month are that the number will remain unchanged at 0.6% as well.
Australia - Unemployment rate
On Thursday, at 12:30 am GMT, the Australian Bureau of Statistics released the country's unemployment rate, which measures the proportion of the total work force that has remained unemployed over the past month.
Binary options traders consider the unemployment rate as one of the most important fundamental indicators in the Australian economy because one of the main objectives of the Reserve Bank of Australia is to keep the unemployment rate as low as possible. Although it is a lagging indicator, analyzing this data can help binary options traders to anticipate future interest rates and the state of inflation in the country.
Last month, the unemployment rate in Australia came in at 5.6% and expectations for this month were that unemployment will increase slightly to 5.7%.
Trading recommendations for the AUD/USD currency pair
Since the beginning of June in 2016, the price of the AUD/USD has risen about 550 pips and formed a highly respected bullish trend line in the process. However, in the last week, the price of the currency pair was brokenAUD/USD is below the ascending trend line and indicated the end of the uptrend.
After the decline in the price of the Australian dollar / US dollarBy about 245 pips last week, it finally found support around the key historical pivot area around the 0.7530 level. With both US retail sales and Australian unemployment rate expected to remain unchanged from the previous month, the fundamental outlook for the AUD/USD is likely to remain neutral this week.The temporary nature of the market can also be observed by today's price action, which is more likely to produce a neutral bar.
But, as I hack the currency pairAustralian dollar/ U.S. dollarWithout this multi-month uptrend, if the price breaks below 0.7530, it is likely to attract additional downward pressure in the market.
Under these circumstances, it would be advisable for forex traders to consider setting up a sell orderFor the currency pair Australian dollar / US dollar with brokers Forex As soon as the price closes below the 0.7530 level on the daily time frame.
Best forex brokers to trade on the Australian dollar against the US dollar
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