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.
Target level: 0.7349
Expiry: 21:00 GMT