TRADING
TIPS :
The Australian dollar rose to one-week
highs against its U.S. counterpart on Wednesday, after data showed
that Australia’s economy grew at a faster rate than expected in the
first quarter, while demand for the greenback continued to cool.
AUD/USD hit 0.7819 during late Asian trade, the pair’s highest
since May 26; the pair subsequently consolidated at 0.7804, gaining
0.46%. The pair was likely to find support at 0.7723, the low of May
26 and resistance at 0.7840, the high of May 26. the Australian
Bureau of Statistics said gross domestic product rose 0.9% in the
first quarter, beating expectations for a growth rate of 0.7% and
after a 0.5% rise in the last three months of 2014. Year-on-year,
Australia’s GDP rose 2.3% in the three months to March, compared to
expectations for an increase of 2.1%, following a 2.5% growth rate in
the last quarter of 2014.
RECOMMENDATION:
BUY
GBPUSD ABOVE 1.5390 TARGET 1.5410 1.5440 SL 1.5360
SELL
GBPUSD BELOW 1.5300 TARGET 1.5280 1.5250 SL 1.5330
RECOMMENDATION:
BUY
EURUSD ABOVE 1.1290 TARGET 1.1310 1.1340 SL 1.1260
SELL
EURUSD BELOW 1.1240 TARGET 1.1220 1.1190 SL 1.1270
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