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AUD/USD Trading - Australian GDP data - 06 Dec 2016

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AUD/USD chart 6 Dec 2016
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The Aussie was showing resistance to any news

Yesterday the pair AUD/USD showed growth after European events. Today the pair is reduced during the Asian session. Today, the RBA left the rate unchanged at 1.5%. The regulator expressed concern at the rate of inflation, is waiting for the reduction of GDP in the 3rd quarter and the inauguration of the new US president.

Investors expect the GDP data tomorrow

On the practical side, investors are interested in tomorrow's publication of GDP for the 3rd quarter. The forecast is 0.2%, but after the latest data on exports and government spending (private investment also fell) the forecast is 0.0% and the RBA hinted at the likelihood of negative growth.

The price of iron ore reached the level of 76.20 dollars per ton (2.14%), the non-ferrous metals also rise in price. The oil is traded in the range of last week.

The US will present the trade balance for October, the forecast -41.5 billion vs. -36.4 billion in September, but it is not the worst figure for the last two years to October estimates. In October, the volume of factory orders is projected to rise by 2.5% vs. 0.3% in September.

The labor costs are expected to be unchanged for the 3rd quarter.

How to trade binary

During today's Asian session, the Australian dollar was down against the US dollar after the decision to leave rates unchanged. The sellers are getting to the support level 0.7444. Its breakdown may return the pair AUD/USD to the 0.7419 area.

The buyers will be limited by the intermediate resistance 0.7458. The break of this level could lead to an increase in the area of 0.7481. Our first scenario is for a Put option if the pair falls below 0.7440. This would be invalidated if we see the pair rises above 0.7458 then we go for a Call trade.

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.

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