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AUD/USD Signal - 08 Aug 2016

Signal details
Entry Price: 
0.7677
Close Price: 
0.7651
Direction: 
Low
Expiry Time: 
20:00 GMT
Result: 
ITM
How we trade
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In the past couple of days, the Australian economic data has been on a solid footing, therefore the AUD has been relatively stable while other currencies have fallen against the USD. The fundamental picture underpinned the stance of the Reverse Bank of Australia to refrain from cutting rates, which can be seen as bullish for the AUD/USD.

Today in the preceding hours the AUD/USD has been experiencing strong growth reaching as high as 0.7670 as of writing, a level which is close to our target price 0.7677 (monthly high for July). Still this pace of growth is not enough to exceed the target price because usually when the price reaches its monthly/daily peek there are a lot of sellers and buyers that keep the level still. We will be buying daily puts at 0.7677 for the 20:00 GMT expiration.

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. He has no business nor personal relationships with any mentioned government entities or stocks. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion.