AUD USD drives back a short lived dip
9/7/2016 12:09:29 PM
The AUD/USD pair rapidly reversed a brief dip to 0.7650 and now climbs back towards Tuesday’s high, as in-line with expectations Australian development number carry on to lend support.” Now, the AUD/USD pair now trades -0.14% lower at 0.7675, taking on the recovery from session lows struck at 0.7652. Markets keep on to optimism almost bang on expectations Australian GDP figures, releasing the AUD bulls from the overnight weakening. Whereas reports that Australia officially registers 25 years without a decline, also keeps the sentiment around the AUD/USD pair reinforced. Furthermore, the proceeding recovery in the Aussie also finds support from higher commodities’ prices, especially oil and copper. Analysts at Westpac note, “GDP grew by 0.5%qtr in Q2, meeting our expectations. Annual growth reinforced to 3.3% from 3.0% in March and from 2.0% in mid-2015. That is above tendency, which is judged to be 2.75% and is the strongest annual result in four years. The pair finds the immediate persistence at 0.7690 above which gains could be extended to the next hurdle set at 0.7750. On the other hand, the immediate support set at 0.7615. Selling pressure is likely to strengthen below the last, dragging the Aussie to 0.7590.
Fundamental Analysis by