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AUDUSD BINARY PUT OPTION – MAY 6TH 2015

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By: Adam Stone
May 6th, 2015 7:04am GMT, London UK
Today’s Binary Options Trading Strategy:
• Currency Pair: AUDUSD
• Timeframe: H4 (Hourly Chart)
• Binary Option Trading Recommendation: Seek binary put options on rallies above 0.7950
• Downside Potential: The downside potential for this binary put option is 395 pips to 0.7555
• Upside Potential: The upside potential for this binary put option is 125 pips to 0.8075
 
 The AUDUSD has advanced after touching the ascending support level of its bullish price channel, but the advance is being challenged by its descending resistance level which emerged from its intra-day high of 0.8075 recorded on April 29th 2015. This level marks a false breakout above its horizontal resistance level as well as above its bullish price channel. The descending resistance level is intersecting both those levels and started to increase downward pressure on the AUDUSD. Fundamental data out of Australia has assisted the bounce to the upside.AUDUSD

Price action is currently trading back inside of its horizontal resistance level from where further upward momentum is being depleted. The AUDUSD is expected to drift down to its ascending support level from where a breakdown is favored. Binary options traders can profit from the anticipated breakdown with binary put options. Today’s binary options trading strategy suggests put options to be placed on rallies above 0.7950 for a risk/reward ratio of 1.0/3.16.

Volatility decreased during the advance inside of its bullish price channel which allowed for an orderly move to the upside from its intra-day low of 0.7553 reached on April 13th 2015. An increase in volatility occurred during the false breakout and following reversal. The AUDUSD is likely to experience another increase in volatility as buyers and sellers are set to square off inside of its horizontal resistance level which is located inside of its bullish price channel. Buyers are anticipated to push this currency pair higher, but the ascending resistance level is unlikely to be violated. Sellers are favored to successfully force a breakdown from where the AUDUSD can accelerate down into its horizontal support level.

The AUDUSD will face its first support level at its ascending support level around the 0.7885 mark from where a breakdown will take this currency pair to its intra-day low of 0.7787 which was recorded yesterday on May 5th 2015. The next support level awaits the AUDUSD at its intra-day low of 0.7637 reached on April 10th 2015. This level represents the top end of its horizontal support level. The final support level is located at its intra-day low of 0.7553 which was recorded on April 13th 2015.

The following economic data out of Australia already impacted the base currency, the Australian Dollar, of the AUDUSD currency pair:
Retail Sales for the month of April:
• Expectations: A monthly increase of 0.4% was expected for March
• Previous Report’s Data: A monthly increase of 0.7% was reported in February
• Released Data: A monthly increase of 0.3% was reported in March
• Impact on the Australian Dollar: The reported slowdown in retail sales has pressured the Australian Dollar to the downside which favors binary put options in the AUDUSD currency pair

In addition the following economic report out of the United States is expected to impact the quote currency, the US Dollar, of the AUDUSD currency pair:
ADP Employment Change for the month of April:
• Expectations: The addition of 200,000 private sector jobs is expected for the month of April
• Previous Report’s Data: The addition of 189,000 private sector jobs was reported in the month of March
• Impact on the US Dollar: The anticipated increase in private sector jobs is likely to apply upward pressure on the US Dollar; this favors binary put options in the AUDUSD currency pair

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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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