AUD/USD maintaining the range – GrowthAces

FXStreet (Barcelona) - The Growth Aces Research Team reviews the Australian GDP release, and further maintains a bullish outlook on the Aussie.

Key Quotes

“Australian GDP expanded by 0.5% qoq in the fourth quarter, compared to the previous quarter when it rose by 0.4% qoq. The reading was in line with market expectations.”

“In seasonally adjusted terms, the main contributors to the increase in expenditure on GDP were net exports (0.7 percentage points) and final consumption expenditure (0.6 percentage points).”

“Despite the Reserve Bank of Australia not cutting rates yesterday, as it was expected, and good GDP growth data, the AUD/USD cannot break above the area of 0.7850 due to the broad USD strength.”

“The rate fell below the entry point of our long position and the raised stop-loss level. We have decided to get long again at 0.7815 and are still targeting 0.8020 in the short term.”

“Resistance: 0.7850 (high Mar 2), 0.7914 (high Feb 26), 0.8025 (high Jan 28)”

“Support: 0.7751 (hourly low Mar 3), 0.7721 (low Feb 13), 0.7644 (low Feb 12)”

“AUD/USD trading strategy: long at 0.7815, target 0.8020, stop-loss 0.7725”