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AUD/USD Trading - Australian construction data - 24 Nov 2016

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AUD/USD chart 24 Nov 2016
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Australia can’t provide the strong fundamental data that can stop the strengthening of the US dollar

Yesterday Australia reported the weak construction data. In the 3rd quarter, the completed construction works decreased by 4.9% vs. the forecast of - 1.7%. This is the largest decline since the subprime mortgage crisis and the fifth fall in a row.

Only the commodity prices are supporting the Australian dollar

The oil is traded at Tuesday's closing, the iron ore isn’t also falling. It is worth to pay attention to the strong weakening of the Yuan - for the same two days the US dollar strengthened against the Chinese currency from 6.890 Yuan to 6.930 Yuan. It is important to draw attention to the fact that the Chinese authorities have devalued the national currency above the level at which it was held from 2008 to May 2010.

Today we will not see the important economic data. As today the Thanksgiving Day is celebrated in the United States.

How to trade binary

The short-term downward movement is possible in the range of 0.7349 - 0.7317. We would buy Put options if the AUD/USD falls below 0.7349.

Asset: AUD/USD
Direction: Put
Target level: 0.7349
Expiry: 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.

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