The Australian dollar continues to strengthen against the US dollar
The Australian dollar used the temporary weakness of the US dollar and gained 44 points yesterday.
Yesterday the WTI crude oil added 1.69% and 5.67% on Friday. Iron ore rose to 54.8 US dollars per ton (2.46%). Also, the Australian index business sentiment showed an increase to 6 from 3 in February.
But the oil traders can lose their optimism very soon. The oil summit in Kuwait on 17 April is the key, where oil producers want to decide on the freezing of production volumes. And, as expected, no agreements will be met.
How to trade
On the hourly chart, the pair AUD/USD has the key levels: 0.7716, 0.7663, 0.7636, 0.7590. Here we monitor the formation of the rising structure from 7 April. If the pair rises above level 0.7636, it may continue to grow to the area of 0.7663. If the pair falls below 0.7590, it is expected to fall below 0.7544.
We would buy CALL options if the pair AUD/USD rises above 0.7636. We would buy PUT options if the pair falls below 0.7590.
Expiry time: 20:00 GMT