TRADING
TIPS :
The Australian dollar rose off fresh
six-year lows against the U.S. dollar on Wednesday, but gains were
expected to remain limited as data earlier showed that Australia
economy grew at a slower pace than expected in the second
quarter.AUD/USD hit 0.7047 during late Asian trade, the session high;
the pair subsequently consolidated at 0.7039, rising 0.33%.The pair
was likely to find support at 0.6854 and resistance at 0.7156,
Tuesday’s high. The Australian Bureau of Statistics reported on
Wednesday that the country’s gross domestic product rose 0.2% in
the three months to June, compared to expectations for a 0.4% growth
rate. Australia’s economy expanded by 0.9% in the first quarter.
The data came a day after the Reserve Bank of Australia held its
benchmark interest rate at a record-low 2.00%, saying that the now
four-month long pause on rates was “appropriate” given the
moderately growing Australian economy. Meanwhile, investors remained
cautious amid ongoing volatility on Asian equity markets. Shares in
Shanghai plunged over 4% at the open of trading on Wednesday.
RECOMMENDATION:
BUY
GBPUSD ABOVE 1.5350 TARGET 1.5370 1.5400 SL 1.5320
SELL
GBPUSD BELOW 1.5250 TARGET 1.5230 1.5200 SL 1.5280
RECOMMENDATION:
BUY
EURUSD ABOVE 1.1265 TARGET 1.1285 1.1315 SL 1.1235
SELL
EURUSD BELOW 1.1200 TARGET 1.1180 1.1150 SL 1.1230
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