Yesterday, the Australian dollar couldn’t show a correction as his European counterparts
The reducing cost of oil and non-ferrous metals hindered the strengthening of the Aussie. Today during the Asian session, the copper is losing 1.47%, nickel -1.86%, silver -0.31%, lead -1.14%. Quotes of iron ore decreased by 8%.
Today the Australian fundamental data also disappointed investors
The building approvals fell by 12.5% against the forecast of growth by 1.5% and the previous -9.3%. In October, the new home sales fell by 8.5%.
Today the US will present data on the personal income and spending in October. The forecast for the income is 0.4%, for spending 0.5%. The non-farm employment change from ADP is expected to be 161K in November vs. 147K in October. The Chicago PMI is expected to increase from 50.6 to 52.1 in November, which can confirm our assumption about the recovery of industrial production in the United States. The pending home sales may show an increase of 0.3%.
How to trade binary
The continuation of upward movement is possible if the pair AUD/USD grows above 0.7490. In this case the target - 0.7582, near this level - consolidation. The short-term downward movement is possible in the range of 0.7443 - 0.7412, the breakout of the 0.7412 will lead to the development of correction.
We would buy Call options with the pair growing above 0.7490. This scenario would be invalidated if the pair declines below 0.7443 in which case we go for Put option with the end of the expiry.
Target price: 0.7490
Expiry time: 21:00 GMT