EUR/AUD Bulls Eye on Resistance Near 1.5070 as German GDP Growth Continues
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EUR/AUD – Technical Analysis for Australian Binary Options Brokers
Eurozone – German Preliminary GDP
Today, at GMT 6:00 a.m., the Destatis released the quarter-over-quarter German Preliminary GDP figure, which measures the changes in the value of all products and services produced by the Germany economy. However, this figure is adjusted for inflation in order to provide a more accurate data.
Australian Binary options brokers consider the German GDP to be one of the most vital fundamental indicators of measure the production in the Eurozone economy, as German economy makes up a large part of the entire Eurozone economic activities.
Last quarter, the German preliminary GDP grew by 0.7% and the forecast for this quarter was set at an additional increase of 0.7%. However, the actual figure came out at a slightly lower rate of growth, at 0.6%.
Australia – Unemployment Rate
On Thursday, at GMT 1:30 a.m., the Australian Bureau of Statistics will release the national unemployment rate, which measures the percentage of total work force that remained unemployed over the past month.
Binary options investors consider the unemployment rate to be one of the most important fundamental indicators of the Australian economy 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 Australian binary options brokers predict future interest rates and inflation situations in the country.
Last month, the unemployment rate in Australia came out at 5.6% and the forecast for this month is also set at 5.6%.
EUR/AUD Forecast
Since February 22, 2017, the EUR/AUD has been on a strong uptrend that has pushed the price up by around 1,600 pips over the last several months. However, after finding a major resistance near the 1.5200 level at the end of May, it started a retracement, which ended on July 20 after the pair formed a large bullish outside bar. Since then, the pair has climbed up around 350 pips and gradually approaching the resistance level near 1.5070.
As the German preliminary GDP increased by 0.6%, but the Australian unemployment rate is expected to remain unchanged at 5.6%, we believe it would likely set a bullish fundamental outlook for the EUR/AUD this week. Therefore, if the pair breaks above the 1.5070 level, it would likely attract an additional bullish momentum in the market.
Hence, Australian binary options traders should look out for trading opportunities above this major resistance level around 1.5070.
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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
Asif Imtiaz
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