AUD/USD turns bullish as Resource Management US PMI increase will be minimal

Australian Dollar vs US Dollar – Technical Analysis of Top Forex Brokers and Binary Options Platforms

Resource Management US Purchasing Managers' Index

Today, at 4:00 PM GMT, the US Supply Chain Management Corporation (ISM) by announcing the monthly figure for the Non-Manufacturing Purchasing Managers Index, which measures the level of the diffusion index created through the Purchasing Managers' Survey. However, the US Resource Management PMI excludes the non-manufacturing sector.

Binary options traders look at the US non-manufacturing PMI number  resource management institute  To be the leading economic indicator because the purchasing manager has the most up-to-date view of the economy. Last month, the US Resource Management PMI came in at 54.7 and expectations for this month are now set at a slight improvement, at 55.3.

Australia - Interest Rate

Tomorrow at 04:30 am GMT, the Reserve Bank of Australia will release the official interest rate, which is the interest rate that major Australian banks and financial institutions pay to borrow money deposited with the Reserve Bank of Australia.

Since short-term interest rates are the primary factor in the valuation of the Australian dollar against other major currencies, binary options traders pay close attention to any changes in the official interest rate.

The last time the Reserve Bank of Australia cut the rate was in May 2015, when it cut it to 2% from 2.20%. The expectation for this month was that the Reserve Bank of Australia will leave the interest rate unchanged for the time being and the Reserve Bank of Australia has left it unchanged.  at 2.0%.

Trading recommendations for the AUD/USD currency pair

Australian Dollar against the US Dollar - Forex Brokers - Des 6

Since the break below the rising trend line on November 11, 2016,  The Australian dollar / US dollar has fallen  By 250 points, it found support near the 0.7335 level. On November 21,  The price of the Australian dollar / US dollar formed an external ascending line, which started a new bullish retracement movement, and as a result, the pair rose to the level of 0.7450. At the moment, the AUD/USD is trading near the psychologically important level around 0.7490.

Since the US Resource Management PMI is expected to rise to 55.3, which is a slight improvement compared to last month, we believe it will not have a significant impact on the AUD/USD rate this week. If the AUD/USD rate continues to rise above the 0.7500 level, it is likely to attract additional bullish momentum in the market.

Under these circumstances, it would be advisable for binary options traders to consider placing a buy order on the AUD/USD with a largeForex brokers As soon as the price closes above the 0.7500 level on the daily time frame.

Top forex brokers to trade the Australian dollar against the US dollar.

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Ahmed A.
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