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By: Adam Stone
July 16th 2014 5:19am GMT, London UK

Binary options trading for the day looks again at some of the less likely targets for major breaks. Yesterday, we were in hopes that the AUD/USD would continue to provide binary options traders with a large number of trading signals and opportunities for profit taking. There is still one major issue with the AUD/USD and it isn’t that the pair is not providing signals but rather, they too have changed. We are now witnessing a consolidation on the daily charts of the AUD/USD, which until the last day or so was very much in a wide scale uptrend. The range forming on the charts though is not one to be worried about but rather seen as a means of discovering many new signals.

.9460 is still the resistance level we are closely watching for binary options trading strategies of note today. We were very much expecting a break of this level yesterday but it wasn’t to be and now binary options traders are in need of waiting it out. Primarily, the need now is to understand the current range which is supported by the by the support band between .9180 and .9200. Note that these support levels and the band of support they have created are based on very solid technical analysis. The Fibonacci support .9180 seem literally unbreakable at the moment. Of course, it’s just a question of time, but in general, when support levels are this strong and densely packed together, the likelihood of a break or even a move towards them is lower.

AUDUSD binary options trading 16-7-2014

In terms of the news today, there is quite a bit on the board that could create pressure on the AUD/USD as well as many other forex pairs. The USD is actually not going to be the focal point for much of the day’s news but certainly will have center-stage once Chairwoman Yellen gets up to testify about the state of the economy today in Washington. We do not expect major moves due to the speech but at the same time this speech is delivered, at 14:00 GMT, the Canadians are expected to make an interest rate decision. While it is widely to remain as is, any change of the rate or the rhetoric surrounding the decision making could lead to a massive move on the CAD. As such, and due to the proximal interest to the USD, expect some aftershocks on the USD assuming a change.

However, as stated, analysts expect little in the way of a change here so expect the day’s binary options trading to carry on in a technical manner.

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Adam Stone
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Adam Stone

As COO of GOptions, my first and foremost goal is to provide traders with the most up to date info from the markets. I have been trading the markets since 2004 and have been involved with stocks, binary options, and forex trading since then. I have had no formal market education and pride myself on a self taught approach to everything related to trading. I try to focus though on both the technical and fundamental aspects related to each trading day and bring forward the most important aspects of risk/reward in the market.
Adam Stone
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