AUD/USD – Technical Analysis for Forex Trading & CFDs.
Australia – Unemployment Rate
On Thursday, at GMT 12:30 a.m., the Australian Bureau of Statistics will release the national unemployment rate. It measures the percentage of total work force which remained unemployed over the past month.
Forex traders consider the unemployment rate to be one of the most important fundamental indicators of the Australian economy. It is because one of the main goals of the Reserve Bank of Australia is to keep the unemployment as low as possible. Although this is a lagging indicator, analyzing this data can help Forex traders predict future interest rates and inflation situation in the country.
Last month, the unemployment rate in Australia came out at 5.4%. This month, analysts are expecting it to remain the same at 5.4%.
United States – Building Permits
On Thursday, at GMT 1:30 p.m., the US Census Bureau will release the Building Permits figure. It is an annualized number of new building permits for the residential housing sector issued during the last month.
Getting a building permit usually indicate future construction work. So, Forex investors consider this data as a leading indicator of the overall economic activity in the country.
Last month, 1.30 million building permits were issued. However, analysts are expecting the figure to come out around 1.29 million this month.
Since December 12, 2017, the AUD/USD remained highly bullish. During the last month, it has climbed up by around 475 pips. Earlier today, the AUD/USD broke above the resistance near 0.7960.
The US building permits figure might be coming down from 1.3 million last month to 1.29 million this month. On the other hand, analysts are expecting the Australian unemployment rate to remain the same at 5.4%. We believe it would set a bullish fundamental outlook for the AUD/USD this week. Therefore, if the AUD/USD closes above the resistance near 0.7960, it would likely attract additional bullish momentum in the market.
Hence, Australian Forex traders should look out for trading opportunities above this major resistance level around 0.7960.
Over the last two weeks, the BTC/AUD remained bearish and formed two distinct downtrend lines in the process. However, after reaching near the 18,333 level, the BTC/AUD found a strong support. Last week, the BTC/AUD showed a renewed bullish momentum. But, earlier today, it once again fell towards the 18,333 level.
After remaining closed for two days, one of the world’s largest cryptocurrency exchanges Kraken has resumed service. So, if trading volume go up this week, it will only increase BTC/AUD bearishness continues.
Hence, Hence, Australian bitcoin traders should look out for trading opportunities below this major support level around 18,333.