Australia - Leading Economic Council Conference Index
Today, at 03:30 PM GMT, the board's conference will release the monthly Leading Index for Australia, which measures changes in the level of the composite index based on seven other major key indicators. Whereas, the main indicator of CB It collects some other index data, so binary options investors consider this representation as an important representation of the Australian economy in general. However, since most of this data has been released beforehand, the CB Leading Index tends to have the slightest immediate impact on the market.
Last month, the CB leading index rose 0.1%, and if it turns positive again, it should definitely help boost the appreciation of the Australian dollar this week.
United States - Unemployment Complaints
On Thursday, at 01:30 PM GMT, the US Department of Labor released the Unemployment Claims Number, which measures changes in the number of people who have claimed unemployment insurance over the past week.
Binary options investors view unemployment claims data as one of the most important fundamental indicators of the US labor market. This is primarily because both Unemployment and consumer spending are directly related to this and the increasing number of unemployment claims indicates a decline in consumer spending in the economy, which constitutes the bulk of economic activity in the United States.
Last week, the US Unemployment Claims figure came in at 262,000 and expectations for this week are currently set at a slightly higher figure, at 265,000.
Trading recommendations for the AUD/USD currency pair
Since the end of May 2016, the currency pair has remained AUD/USD is in a strong uptrend and has formed an important ascending line in the process. So far, the price of the AUD/USD currency pair has breached this uptrend several times but failed to close below it.
However, earlier today, the price of the AUD/USD currency pair broke again under the uptrend and is now slowly approaching the important support area near the 0.7575 level.
Just as the Australian CB Leading Index and US Unemployment Claims figures are expected to come in close to their previous run, the AUD/USD core market is likely to have the slightest impact. Since the AUD/USD price was broken below 0.7575, it is likely to attract the bearish momentum, and decline further.
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 earliest, when the price rises and closes below the 0.7575 level on the daily chart.
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