The Aussie is trying to rise after OPEC decision.
The continuing growth of the oil quotations has started to strengthen metals, minerals, and agricultural futures, helping the Australian dollar to turn around. However, this is not enough for the strong growth of the pair AUD/USD.
Australia also publishes the mixed data.
The index of manufacturing activity rose from 50.9 to 54.2 points. In the third quarter, the building capital expenditure decreased by 5.7% and the private new capital expenditure shrank by 4.0%. The retail sales increased by 0.5% in October (forecast 0.3%).
We still see the overbought and cool attitude of Australian investors to psychological growth of the commodities. On Wednesday the GDP data for the third quarter will be released. Morgan Stanley predicts the Australian GDP decrease by 0.3%. Today, all attention is focused on the US labor data, and they are expected to be good. The non-farm payrolls are expected to grow from 161K in October to 175K in November. The average hourly earnings are projected to increase by 0.2%.
How to trade binary
We expect the further upward movement after the break of 0.7452, in this case, the first target - 0.7498. The level of 0.7376 is a key support, its break will help the pair AUD/USD to decrease to 0.7302.
We would buy Put options if the AUD/USD falls below 0.7390.
Target price: 0.7390
Expiry time: 21:00 GMT