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Tuesday, 13 October 07:52 (GMT -05:00)

Foreign exchange market

AUDUSD: Australian Dollar Depends On Chinese Yuan



Weak data make the Australian Dollar rather vulnerable. The poor GDP and unemployment stats for Q4 201, which failed to come up to the expectations, will press the Australian Dollar. That is why some analysts recommend opening long trades around 1.03-1.04.






Some analysts form BNP Paribas also speak about the possible short-term weakness of the Australian currency.  If the Chinese Yuan stops appreciating, this may impose extra pressure on the Australian Dollar.
According to the Department of Masterforex-V Trading System , the Australian Dollar has suspended its weakening against the US Dollar. At this point, the price has completed the downswing – wave A/B of Daily 2. The closest levels of resistance is 1.0651. If it is broken, the rally will be resumed. A break below 1.0422 will continue the forming of wave А/В of Daily3. The closest level of support is 1.0401.





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