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AUD/USD Signal - US GDP - 28 Oct 2016

Signal details
Entry Price: 
0.7590
Close Price: 
0.7598
Direction: 
Low
Expiry Time: 
20:00 GMT
Result: 
OTM
How we trade
5/5 of 2 ratings

If we look at the price acton in the AUD/USD pair, we can say that in the past two days and a half we’ve been observing a significant decline in the pair’s value. Earlier today it also hit a two weeks low at the $0.7564 level. After the release of the quarterly Australian PPI report the pair stumbled upon some renewed selling pressure.

The release of United States GDP Q3 report there has exerted substantial influence on the pair’s direction adding pressure to the downside. We are looking at a target price of 0.7590 as this is the current trading price. Considering the above and the technical reasons today we will be buying daily puts at the price of 0.7590 heading 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.