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AUD/USD Trading - NAB Business Confidence - 08 Nov 2016

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AUD/USD chart 8 Nov 2016
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Australian investors are concerned about the elections in the United States no less than their European counterparts.

However, the yesterday's rise of the pair AUD/USD was caused by the growth of iron ore prices (by 3.4%, to $65.91). Other commodities, including oil, also showed the growth. However, today in Asian session yesterday's growth is actively clearing.

The Chinese and Australian data have pressure on the Aussie.

In the morning, China has published data on its trade balance. Trade surplus increased from $41.99 billion to $49.06 billion, but the Trade Balance structure was rather weak - exports fell by 7.3% y/y, while imports decreased only by 1.4% y/y.

In October NAB Business Confidence fell from 6 to 4 points. The NAB Business Survey fell from 8 to 6 points. On the other hand, Australian investors before others get the election results.

How to trade binary

On the hourly chart of the pair AUD/USD, the price makes an upward structure from the 28th of October. We expect the short-term upward movement, as well as the consolidation in the range of 0.7689 - 0.7740. The short-term downward movement, as well as the consolidation, is possible in the range of 0.7665 - 0.7610. We would buy Call options if the AUD/USD falls to the bottom of the range 0.7689 and continues to grow.

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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