Factors contributing to the continuation of the Bitcoin recovery journey
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On Monday, at GMT 12:00 a.m., the Melbourne Institute released the month-over- month MI Inflation Gauge data. It measures the changes in the price of goods and services purchased by consumers in Australia.
The MI Inflation Gauge provides a monthly look at consumer inflation. Also, it is designed to mimic the quarterly government-released CPI data. The MI Inflation Gauge can act as a leading indicator of consumer inflation. As the Reserve Bank of Australia increases interest rates to reduce inflation, binary options traders consider this data to be important for future economic forecast in the country.
Last month, the MI Inflation Gauge came out at 0.0%. This month, it increased by 0.3% and indicated inflation will likely to come out higher next quarter.
On Monday, at GMT 9:00 a.m., the New Zealand Institute of Economic Research (NZIER) released its business confidence index. It measures the level of a diffusion index by surveying 2,500 manufacturers, builders, wholesalers, retailers, and various service providers in the country.
The NZIER business confidence index is considered by binary options investors to be an important leading indicator of the economic health of New Zealand. It is because it has a large sample size. In addition, businesses are the first to react to changing market conditions. Hence, a drastic change in the sentiment of businesses can signal future economic growth and overall productivity in the country.
Last month, the NZIER business confidence index reading came out at -40. This month, it improved at a lot and came out at -21.
The AUD/NZD formed a bearish pin bar on November 7, 2019. Since then, it remained in a strong downtrend. Over the last few months, the AUD/NZD fell by around 550 pips. However, since the beginning of January 2020, it started a bullish retracement. Over the last week, the AUD/NZD climbed up by around 125 pips. Currently, it is testing the resistance near the 1.0440 level.
The MI Inflation Gauge in Australia went up by 0.3% over the last month. On the other hand, the NIZER business confidence came out at -21. We believe it would set a bullish fundamental outlook for the AUD/NZD this week. Therefore, if the AUD/NZD closes above the resistance near 1.0440, it would likely attract additional bullish momentum in the market.
Hence, Australian binary options traders should look out for trading opportunities above this major resistance level around 1.0440.
Market Analyst / Trading Consultant . 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 firstname.lastname@example.org
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