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AUDUSD Forecast : Disapponting Q3 GDP Numbers

AUDUSD Forecast : Disapponting Q3 GDP Numbers

We have entered a short trade in our latest signal and we have reached our targets generating 110 pips. You can view the setup:

The Australian Q3 GDP numbers released and disappointed the consensus by a wider margin as it limped higher by +0.3%/qtr.

“GDP expanded by “only” 2.8% in 2016 and 2.4% in 2017 and yet the labour market is robust and wages are rising, albeit gradually. The RBA expects growth to ‘average around 3½% this year and next’ while the market’s 2018 and 2019 estimates are 3.0% (was 3.4%) and 3.1% (was 3.3%) respectively, on a mark-to-market basis.”

Australian 10yr bond yield broke below 2.50%, a level that has historically served as a strong floor.

Technically:

The pair is trading at 0.72900 as of writing and H4 Chart indicators and readings turned from bullish to bearish. 0.72600 where SMA 100 H4 Chart and MM 2/8 resides  remain as a major support. A firm break below would carry the price towards 0.72000 key level.

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AUDUSD Forecast: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

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