AUD/CHF Continues to Trade Sideways as Australian Private Sector Credit Set to Expand

AUD/CHF – Technical Analysis for Forex Trading & CFDs.

Australia – Private Sector Credit

On Thursday, at GMT 12:30 a.m., the Reserve Bank of Australia will release the month-over-month Private Sector Credit data. It measures the changes in the total value of new credit issued to consumers and corporations in the country over the previous month.

Forex traders consider the private sector credit to be an important fundamental indicator of the Australian economy. Because borrowing and spending are highly correlated. Consumers and businesses only take out credit when they feel confident about their ability to pay it back in the future. Hence, it also acts as a measure of consumer and business confidence.

Last month, the private sector credit in Australia increased by 0.3%. The forecast for this month is currently set at an increase of 0.3% as well.

Switzerland – KOF Economic Barometer

On Thursday, at GMT 7:00 a.m., the KOF Economic Research Agency will release its economic barometer index. It measures the changes in the level of a composite index.

The KOF develops this composite index by analyzing 219 different economic indicators. Hence, Forex investors consider this to be an important fundamental indicator regarding the Swiss economy.

Last month, the KOF economic barometer index reading came out at 108.0. The forecast for this month is currently set at a slightly lower reading, at 107.5.

AUD/CHF Forecast

The AUD/CHF broke below the uptrend line on January 25, 2018. Since then, it remained pretty much range bound over the last two months and traded between 0.7275 and 0.7480. Last week, the AUD/CHF price was once again rejected near the support around 0.7275.

The Australian Private Sector Credit may increase by 0.3% once again this month. On the other hand, the Swiss KOF Economic Barometer may drop from 108.0 to 107.5 this month. We believe it would set a bullish fundamental outlook for the AUD/CHF this week. Therefore, if the AUD/CHF trades above the support near 0.7275, it would likely attract additional bullish momentum in the market.

Hence, Australian Forex traders should look out for trading opportunities as long as the AUD/CHF trades above this major support level around 0.7275.

BTC/AUD Forecast

The BTC/AUD price continue to trade within tight range between 9500 and 12000 over the last two weeks. Unless we see the bitcoin price breaking this range bound momentum, there may not be any good trading opportunities in the market.

Meanwhile, Silvio Schembri, Malta’s Parliamentary Secretary for Financial Services, commented about his ambition to make Malta the “The Blockchain Island.” Hence, the mood of regulators might be changing in some parts of the world.

However, the BTC/AUD broke below the 11,000 level and currently heading to test the support near the 10,300 level. Given the uncertainty, if the BTC/AUD breaks below the 10,300 level, it will likely attract additional bearish momentum in the market.

Hence, Australian bitcoin traders should look out for trading opportunities below this major support level around 10,300.

Asif worked as a prop trader for almost a decade, and later he managed trading operations for one of the largest foreign exchange strategy developers in Europe. Currently, he works as a trading consultant to several brokers and writes about various tech and financial topics. You can reach him at contact@asifimtiaz.com

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Asif Imtiaz

Asif worked as a prop trader for almost a decade, and later he managed trading operations for one of the largest foreign exchange strategy developers in Europe. Currently, he works as a trading consultant to several brokers and writes about various tech and financial topics. You can reach him at contact@asifimtiaz.com

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