EUR/AUD – Technical Analysis for Forex Trading & CFDs.
Australia – ANZ Job Advertisements
Yesterday, at GMT 12:30 a.m., Australia and New Zealand Banking Group (ANZ) released its monthly Job Advertisement figure, which measures the changes in the number of advertised jobs in key Australian cities through the major daily newspapers and web portals.
Since job advertisements usually lead to hiring new employees, Forex traders consider this data from ANZ to be a leading indicator of the employment trend in the country. The ANZ Job Advertisement figure usually has greater impact on the Australian Dollar when it is released before the Australian government’s official employment data.
Last month, the ANZ Job Advertisement figure increased by 1.5%, and this month it increased by an additional 1.5%, indicating that employers are looking to hire more workers in the coming months.
Eurozone – German Trade Balance
On Friday, at GMT 7:00 a.m., the Destatis will release the monthly trade balance figure, which measures the difference in value between net import and export of goods over the past month.
The demand for export in Germany is directly correlated with the demand for the Euro, because the German economy makes up a large portion of the overall Eurozone economy. Hence, Forex investors analyze the monthly trade balance in order to gauge the strength of the EURO against other major currencies.
Last month, the German trade balance figure came out at 22.3 billion and the forecast for this month is currently set at 21.8 billion.
Since forming a large bullish outside bar (BUOB) on July 20, the EUR/AUD turned bullish and the pair has climbed up by around 1,125 pips over the last few months. Earlier in November, the EUR/AUD broke above the resistance around 1.5575 and turned it into a support, but soon started consolidating. Today, the pair once again tested the support near 1.5575, but so far, it has failed to close below this level.
As the ANZ Job Advertisements in Australia is increased by an additional 1.5% last month, but the German trade balance fell to 21.8 billion, we believe it would set a bearish fundamental outlook for the EUR/AUD this week. Therefore, if the EUR/AUD closes below the support near 1.5575, it would likely attract additional bearish momentum in the market.
Hence, Australian Forex traders should look out for trading opportunities below this major support level around 1.5575.
Over the last two weeks, the bitcoin price has remained very bullish against the Australian Dollar and the price has reached over the A$16,000 marks by December 4, 2017. In fact, besides the sharp decline towards the support level around A$14,000 on November 30, the BTC/AUD had a clear sailing to the all-time high this week.
Although the BTC/AUD closed above the A$16,000 level earlier this week, the trading volume has fallen over the last 24-hour period, which indicates that the market might be heading into a period of consolidation.
BTC/AUD trades mostly independent of market fundamentals and the Australian economic conditions hardly affected the price of in the last few weeks. Nonetheless, as the job advertisement figure in Australia has gone up over the last month, it may put some bearish pressure on the price of BTC/AUD this week as well. Therefore, if the BTC/AUD price closes below the $16,000 level in the next few days, it may attract additional bearish momentum in the market.
Hence, Australian bitcoin traders should consider looking for trading opportunities below the support around $16,000 level.