Binary currency market is an exciting conglomerate of emotions, psychology and feelings. Binary trader should be disciplined and aware of his/her weaknesses and strengths in order to be profitable. Binary AUD/USD is one of the most traded currency pairs. It enables the market participants to achieve their goals using different market strategies with different expiry times. Currently, the underlying asset is experiencing a frenzy upside rush despite the fact that the binary gold is closed in tight range for the last 2 months. As it is well-known binary gold is the driving force for the Aussie.
The main question is if the binary options have enough strength to push further higher. The U.S. Dollar index is traded lower which influence the recent weakness of the greenback against its peers. However, it seems that a significant support has been touched currently at 10000. It is possible to find enough binary put option buyers to back the American currency against the Australian peer.
Moreover, current market level corresponds to 70.70% of retracement of the move from 1.0860 to 0.9580. It is not the strongest level. However, the binary traders are paying attention to the signals it gives them. 1.0545 is today`s high. The binary options start retreating trading at 1.0505 at the moment of writing this article.
Potential short-term targets are 1.0465, followed by 1.0405.
Upward targets 1.0600 or 78.6% of retracement.
The information in the above analysis is collected from different sources and should serve for informative purposes only. The author shall not be held responsible for the validity of the presented information. No part of this analysis recommends the purchase or sale of a currency pair or any other financial instrument.