Sorry, you need to enable JavaScript to visit this website.

AUD/USD Trading - the Aussie weakening - 14 Nov 2016

You are here

AUD/USD chart 14 Nov 2016
5/5 of 5 ratings

On Friday the Aussie lost 66 points on the back of the US dollar strengthening, falling commodity prices and non-ferrous metals.

Last week, just the iron ore showed a significant increase. It could add 4.92%, rising to 73.35 dollars per ton. Here, the Chinese demand was the driving force, but it can also reverse the quotations of iron ore on the slowing down of the construction volumes.

Today the Aussie is trading under the pressure of the Chinese data.

Today Chinese data showed a decrease in the volume of retail sales in October from 10.7% to 10.0% (the forecast 10.7%). The industrial production remained at the level of 6.1% against the forecast of 6.2%. The fixed asset investments showed an increase from 8.2% to 8.3%, but the data did not cause any reaction.

The Australian government bond yields are rising but the yield of the US government bonds is even higher (5 yrs + 5.96%), which puts pressure on the Australian currency.

Today, the United States have an empty economic calendar. Tomorrow the US will present data on retail sales which are projected a slight decline.

How to trade binary

On the hourly chart, the AUD/USD has the key levels: 0.7566, 0.7505, 0.7459, 0.7402. The continuation of downward movement is possible after the breakdown of 0.7505, in this case, the target - 0.7460. The short-term upward movement is possible in the range of 0.7566 - 0.7595.

We would buy Call options if the AUD/USD rises above 0.7566. We would buy Put options if the pair falls below 0.7505.

Expiry time: 21:00 GMT

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.

You may also read