Australia - Corporate operating profit
At 12:30 am, the Australian Bureau of Statistics released the quarterly statistics for the company's operating profit, which measures the change in the total value of profits earned by Australian companies during the last quarter of the year.
Binary options traders and global market participants view this data as an important leading indicator for the Australian economy as corporate earnings are an early indication of future economic activities, including the companies' budget level, spending and job creation. Moreover, corporate profits are directly related to future investments made by the private sector as well.
Over the last quarter, corporate earnings in Australia fell 0.4% and expectations for this quarter were for an increase of 0.7%. However, the actual figure showed that this quarter, operating profit actually declined 0.2%.
United Kingdom - Countrywide House Price Index (HPI)
At 06:50 am GMT, the UK's nationwide construction community released the Home Price Index, which measures changes in the selling prices of homes purchased using mortgage loans issued nationwide.
Since rising home prices encourage home buyers to buy new homes with the expectation that the value of their investment will increase over time, HPI is very good for the overall economy. Thus, binary options traders view the Nationwide House Price Index as a leading indicator of the UK economy.
Last month, in January, the Nationwide Home Price Index rose 0.3% and expectations for this month were set for a 0.4% increase. However, the actual figure showed that house prices over the past month fell by 0.1%.
GBP/AUD trading recommendations
The GBP/AUD has achieved a steady upward trend since the second week of November 2014 and formed a steady inclined upward trend. On February 3rd, the GBP/AUD hit the upper end of the channel.
Later, it found strong resistance around 161.8% Fibonacci extension level of the previous major downside level, which is located around the 1,9900 price level.
Although the GBP/AUD is trending upwards, the worst operating profit expected from Australia has a wider impact on the economy than the UK house price index across the country, and only covers the housing sector. Moreover, as the current price level is near the upper end of the channel, it may pull back significantly over the next few weeks before gaining upward momentum.
Under these circumstances, and if the GBP/AUD continues falling below the 1.9575 intermediate support level around, it may find additional bearish momentum that could push the price towards 100% Fibonacci. Hence, it is recommended to place traders Binary options PUT orders with GBP/AUD as soon as the price dips and the daily bar closes below the 1,9575 support level.[featured feattitle=’أفضل شركات فوركس’ site='( نيتوتريد ) Netotrade’ ]سواء كنت جديدا في بيئة الفوركس او اذا كنت تبحث عن شركة بديلة لنشاطك الاستثماري, توفر لك نيتوتريد بيت استثماري مثالي.[/featured]