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AUD/USD Forecast 26 Apr 2016

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AUD/USD Forecast 26 Apr 2016
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The decline in commodities has allowed the Aussie to continue declining

Yesterday the crude oil fell by 1.67%, iron ore has finally retreated from 20-month high (-0.4%). Chinese regulators concerned about the strong growth in prices for iron and tightened the trade rules.

Tomorrow we will get important macroeconomic Australian data. The consumer price index is expected to grow from 1.7% to 1.8%, the quarterly CPI growth may reach 0.3%. However, tomorrow the Fed meeting will be held, so the wisest thing is to wait for the data.

Today, the US is to publish data on durable goods orders, which are expected to grow by 0.5% against the previous decline by -1.3%.

How to trade

Today the pair AUD/USD has the key levels on the hourly chart: 0.7744, 0.7725, 0.7690, 0.7669. If the pair falls below 0.7690, we expect the further reduction. The short-term upward movement is possible in the range 0.7725 - 0.7744. We would but call options if the pair goes above 0.7725. We would buy put binary options if the pair declines below 0.7690.

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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