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AUD/USD Forecast 12 May 2016

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AUD/USD Forecast 12 May 2016
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During the week the Australian dollar is traded under the pressure of the external markets

Yesterday's increase in the oil prices and the correction of iron ore (it added 0.5% after an impressive decline) allowed the "Aussie" to add 12 points.

The Westpac Consumer Sentiment rose by 8.5% in May. However, today iron ore loses 0.5% (blocking the yesterday’s growth) and gold decreases by 0.41%.

Today the US will present data on the jobless claims, exports and imports data. It's also worth to pay attention to the performance of two representatives of the Federal Reserve. We assume that they will be cautious in their statements.

How to trade

On the hourly chart, the Aussie has the several key levels: 0.7433, 0.7384, 0.7351, 0.7294. The short-term downward movement is possible in the range of 0.7306 - 0.7263. The short-term upward movement is possible in the range of 0.7351 - 0.7384. We would buy call binary options if the pair rises above 0.7351. We would buy put options if the pair falls below 0.7306.

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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