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AUD/USD Trading - US average hourly earnings - 2 Dec 2016

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AUD/USD chart 2 Dec 2016
5/5 of 6 ratings

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.

Asset: AUD/USD
Direction: Put
Target price: 0.7390
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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