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 GBP/USD ABOVE 1.5350 TARGET 1.5370 1.5400 SL 1.5320
SELL GBP/USD BELOW 1.5250 TARGET 1.5230 1.5200 SL 1.5280
For Free Signals, click here KLSE online OR Give A Missed Call : +60350219047 Follow Us On Twitter : www.twitter.com/epicresearchmy Like Us On Facebook : www.facebook.com/EpicResearchMalaysia Need Any Assistance Feel Free To Mail Us at : info@epicresearch.my
No comments:
Post a Comment