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AUD/USD Trading - FOMC statement - 02 Nov 2016

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AUD/USD chart 2 Nov 2016
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Yesterday the Aussie showed growth but continued to fall today.

Yesterday the RBA released the monetary policy decision, which was unchanged but had the weak forecasts for the economy and inflation. The Chinese indicators of business activity exceeded the expectations, but investors were more restrained.

Today, the number of building approvals showed reduction of 8.7%.

In October the Manufacturing PMI rose from 50.4 to 51.2. The Non-Manufacturing PMI increased from 53.7 to 54.0.

Tomorrow Australia will publish the trade balance for September, by which the forecast is -1.70 billion against the previous -2.01 billion in August. This will help the Aussie to restrain the falling after the announcement of the Federal Reserve decision.

In the US, non-farm employment change from ADP is expected to increase to 165K in October vs.154K in September. In the evening - main event - the FOMC statement on monetary policy.

How to trade binary

At the H1 chart, the pair AUD/USD has the key levels: 0.7740, 0.7610, 0.7577. We expect the upward movement after the breakdown of 0.7661, in this case, the target - 0.7740. The short-term downward movement, as well as the consolidation, is possible in the range of 0.7610 - 0.7577. We would buy Call options if the AUD/USD rises above 0.7661. We would buy Put options if the pair falls below 0.7610.

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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