The Australian dollar is opposed to the US dollar due to the high prices for commodities
During the last two sessions, the Australian dollar was showing a decline, but the decline was small, since the commodities are traded highly enough. Today, the Chinese iron ore futures jumped by 5% in the Asian session.
However, the Aussie as the euro and the pound, not in a hurry to grow, obviously, investors await the Fed meeting
Tomorrow, Australia will publish a quarterly house price index. The forecast is 2.6% q/q vs. 2.0% q/q in Q2. We will also see the data on the NAB business confidence.
In China, the retail sales are expected to increase from 10.0% y/y to 10.1% y/y in November. The industrial production and fixed assets investment are expected to remain unchanged in October: 6.1% y/y and 8.3% y/y respectively.
The oil reaches new highs. Saudi Arabia is ready to reduce production even more than previous commitments. The copper is kept in a weekly consolidation.
How to trade binary
The pair AUD/USD will continue to move up after overcoming the noise range of 0.7498 - 0.7528, in this case, the target - 0.7582. The range of 0.7414 - 0.7365 is a key support for the ascending movement, if it overcomes it, we will see the development of the descending structure, in this case, the target - 0.7302.
Today, the sellers will try to return to the area of 0.7444. If the pair overcomes this level, it will fall to 0.7419. The buyers will be limited by the strong resistance at 0.7481.
We would buy Put options if the AUD/USD falls below 0.7440. This scenario would be invalidated if the pair goes above 0.7481 in which case we go for Call option with the end of the expiry.
Target price: 0.7440
Expiry time: 21:00 GMT