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AUD/USD Trading - the US labor market data - 05 Aug 2016

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AUD/USD Trading - the US labor market data - 05 Aug 2016
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The Aussie demonstrates the strong growth, but the pair may not be able to achieve the level of 0.7730 after yesterday's decision of the Bank of England.

The iron ore ceased its rapid growth and has fallen below $60. The precious metals show consolidation before choosing the further directions.

However, during the Asian session, the Aussie was able to show growth due to the RBA monetary policy report. First of all, the regulator sees the reserves for growth in the medium term, while noting a slowdown in the construction sector.

The report indicated that the RBA is also ready to lower the rate until the end of the year. Next week the important data for China will be published, which expected to be negative.

Today the US will present data on the labor market. The Non-farm payrolls are forecasted at 180K in July after 287K in June. The unemployment rate is expected to decline to 4.8% from the current 4.9%. The average hourly earnings are expected to add 0.1% , which can significantly strengthen the US dollar.

How to trade binary

We would buy call options if the pair rises above 0.7675. We would buy put options if the pair falls below 0.76.

Expiry time: 20:00 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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