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AUD/USD Trading - US Unemployment Rate - 04 Nov 2016

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AUD/USD chart 4 Nov 2016
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In the past two days, the Australian dollar shows consolidation in the range of 0.7648 - 0.7687.

The September trade balance showed growth. The foreign trade balance increased by increasing exports. The trade balance showed -1.227 billion against -1.894 billion in August. The exports increased by 2.0% and imports decreased by 1.0%. The retail sales increased by 0.6% in September.

The Chinese data and commodity markets also support the Aussie.

In October the Chinese Services PMI showed an increase from 52.0 to 52.4. The iron ore rose by 1.88%, the index of non-ferrous metals increased by 0.86%. This helped the Aussie to stay near the top of the range 0.7648 - 0.7687.

The pair AUD/USD is in no hurry to grow as the euro and the pound. In this context, we can expect the decrease after the release of positive data on the US labor market.

The Non-Farm Payrolls is expected to grow from 156K to 175K. The unemployment rate can be reduced from 5.0% to 4.9% in September. The average hourly earnings are expected to increase by 0.3%. The September trade balance is projected to rise from -40.7 billion to -37.5 billion dollars.

How to trade binary

We would buy Call options if the pair AUD/USD rises above 0.7690. We would buy Put options if the pair falls below 0.7645.

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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