Breaking the uptrend in the AUD/USD which may attract additional bearish momentum

Australia - National Australia Bank Sentiment Index (NAB) with limited business

On Monday, at 01:30 a.m. GMT, the National Australia Bank (NAB) releasedNABLimited monthly business confidence index number. This figure measures the level of the penetration index based on a survey of 350 companies in Australia.

The survey asks participants to rate the current business environment in Australia. Since these companies are the first to be affected by changing business conditions, and their sentiments regarding optimism and confidence in business, binary options traders consider the index as a leading indicator of overall economic health in the coming months.

Last month, in April 2016, the Business Confidence Index came NAB At number 6, and this month, it has reached a slight decrease, at number 

United States - Institute of Management supplies (ISMManufacturing PMI

Later, at 2 pm GMT, the Institute for Supply Management released the manufacturing PMI number for the United States. The US Manufacturing Purchasing Managers' Index (PMI) ISM The level of the diffusion index based on a survey of 400 purchasing managers. Purchasing managers in the United States are involved in the supply side of the economy. As most companies are cutting their expenditures and production on the basis of their sales forecasts, the survey of purchasing managers reveals the overall optimism of the various companies in the country. Thus, binary options investors can easily find out the sentiment regarding the economic situation in the country by reading the PMI ISM .Last month, the Purchasing Manager Index came in  ISM  For the United States at 51.8 and expectations for this month were at 51.0. However, the actual number came in slightly lower at 50.8.

Trading recommendations for the AUD/USD currency pair

AUDUSD-5may16

Over the past few months, the AUD/USD has remained significantly bullish but found strong technical resistance near the 0.7675 level. Despite the strong resistance, the pair maintained the ascending trend line that is forming during this mentioned time frame. Finally, yesterday, the AUD/USD broke out below the ascending trend line and the bears celebrated the decisive victory over the bulls. Meanwhile, the growth of Concerns about the US economy as the PMI came in much worse than expected. However, through the technical view, yesterday's closing down below the ascending trend line confirms that the intermediate trend has changed.

Under these circumstances, it would be advisable for binary options traders to consider placing a sell order for the AUD/USD with binary options brokers at the current market price, as long as the trade is below the 0.7550 level.

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Ahmed A.
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