The Australian dollar reacted violently to the British referendum results.
Despite the fact that after the referendum results the Aussie has lost about 310 points, it was able to recover about 145 points by the end of trading on Friday.
Today Australia has an empty economic calendar. It seems investors to be just watching what is happening in the European markets and the situation on the commodity markets.
After Friday's fall by 6%, the oil is losing only 0.33% today. The iron ore demonstrates the incredible growth by 5.28%. The Chinese Yuan costs 6.64 dollars against 6.57 on Friday.
Tomorrow the US will present data on the GDP. The forecast is 1.0% against 0.8% in the previous estimate. The forecast for the 2nd quarter is 2.6%. On Wednesday the United States will present the data on private consumer spending in May, it’s expected the growth of 0.3%.
Today the Australian dollar has the potential to show corrective growth. We are waiting for the pair AUD/USD in the range of 0.7410-0.7500.
How to trade
The pair AUD/USD has the key levels on the hourly chart: 0.7525, 0.7381. We would buy put options if the pair falls below 0.7380. We would buy call options if the pair rises above 0.7465.
Expiry time: 20:00 GMT