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AUD/USD Trading - Australian Trade Balance - 8 Dec 2016

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AUD/USD chart 8 Dec 2016
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The pair AUD/USD could rise to the area of 0.7490 since our last review.

Now we expect for reversal of the pair because even yesterday's and today's growth of the pair AUD/USD comes at the weak economic indicators. Australia's GDP for the 3rd quarter was worse than even pessimistic forecasts. It - fell by 0.5% against the weakest forecast of -0.3%.

Today's Australian data also shows a decline.

Today, Australia's trade balance showed a decline. In October, the deficit increased from -1.272 billion to -1.541 billion. In Japan, the GDP for the third quarter showed an increase of 0.3% vs. the forecast of 0.6%.

Tomorrow, Australia is to publish data on home loans, which are also expected to decline, -1.0% vs. the previous 1.6%. Today the US will present data on jobless claims.

How to trade binary

The continuation of upward movement is possible if the pair overcomes the noise range of 0.7498 - 0.7528, in this case, the target - 0.7582. The range of 0.7396 - 0.7365 is a key support for the ascending movement, if the pair AUD/USD overcomes down this level, the goal will be 0.7302. We would buy Put options if the pair AUD/USD falls below 0.7475. This scenario would be invalidated if the pair goes above 0.7504 in which case we go for Call option with the end of the expiry.

Asset: AUD/USD
Direction: Put
Target price: 0.7475
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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