EUR/AUD Bullishness Likely Continue Amid Declining Job Advertisements in Australia

Australia – ANZ Job Advertisements

On Monday, at GMT 1:30 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 employees, binary options 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 0.1%, and this month it declined by 0.8%, indicating that employers are looking to hire less workers in the coming months.

 Eurozone – German Trade Balance

Tomorrow, at GMT 6:00 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, binary options 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 19.8 billion and the forecast for this month is currently set at 20.4 billion.

Trade Recommendation for the EUR/AUD

EURAUDDaily

Although the EUR/AUD remained bearish during February and March, since April 21, the pair has been showing some signs of bullishness, which helped form a sharp uptrend line over the last few weeks. However, last week, the EUR/AUD found some adequate resistance near the important pivot zone around the 1.5550 level.

The recent slowing down of the Australian economy has contributed to this bullishness in the EUR/AUD, which was further confirmed by the a declining ANZ Job Advertisements figure. We believe that if the EUR/AUD bulls can push the price higher and close above the 1.5550 level, it would likely attract additional bullish momentum.

Under the circumstances, it would be recommended that binary options traders consider placing a CALL order for the EUR/AUD with their binary options brokers once the price closes above the 1.5550 level.

Recommended Broker for Australian Traders: HighLow

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 on 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 on various tech and financial topics. You can reach him at contact@asifimtiaz.com

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