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AUDUSD retreats from 08000 following GDP dip

Market Analysis

AUDUSD, H1                   

AUDUSD provided some colour overnight  taking a 40-plus pip dip after Australian Q2 GDP came in slightly below expectations, albeit at a robust growth pace of 0.8% y/y, up from 0.3% q/q in Q1, and marking the 26th consecutive quarter of expansion. The Aussie dipped to a low of 0.7976 before settling around 0.7985. It gave up the psychological 0.8000 level it had held briefly yesterday, which had been sufficient to take out my target 1 at 0.8003, for a gain of 52 pips target 2 remains at 0.8034.


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Stuart Cowell

Senior Market Analyst


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