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FxWirePro Call Review: Australian dollar’s target extended from 0.87 to 0.93

Back in November 2017, in an article named, “FxWirePro: Buy Aussie targeting 0.87 against dollar over longer horizon”, available at https://www.econotimes.com/FxWirePro-Buy-Aussie-targeting-087-against-dollar-over-longer-horizon-1024281 we suggested going long in the Australian dollar against the USD. We cited two main reasons for the outlook,

“Technical:

Technically speaking, the chart clearly shows that the Australian dollar, which has been in a downtrend since 2013, has already broken above the downtrend line in February this year.  In September this year, Aussie reached a high of 0.806, which was the highest level of the currency since May 2015. It has undergone a correction since but now hovering very close to the rising uptrend line.

Fundamental:

The economy has been improving steadily over the past years, recovering from the commodity sector slump and mining bust. The Reserve Bank of Australia itself acknowledged the strength in the non-mining sector and with mining sector recovering the Australian economy set to increase the pace. For example the unemployment rate, after peaking 6.4 percent in late 2015, it has declined to 5.4 percent in October.”

Since that call, the commodity prices have moved higher, the Australian economy has continued its improvements, and the dollar has weakened. All of the above favors our outlook in Aussie.

Hence in this article, we would like to confirm the extension of our final target to 0.935 and would urge our readers to maintain long positions. Kindly note, there could be a short-term correction towards 0.78 area.

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2018-02-19 16:32:32
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2018-02-19 16:31:45
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February 19 13:00 UTC Released

RUReal Wages YY

Actual

6.2 %

Forecast

4.6 %

Previous

4.6 %

February 19 13:00 UTC Released

RURetail Sales YY

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2.8 %

Forecast

3 %

Previous

3.1 %

January 31 00:00 UTC 2843628436m

ARAnnual Primary Balance*

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2016 bln ARS

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Bln AR bln ARS

January 31 00:00 UTC 2843628436m

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2016 bln ARS

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Bln AR bln ARS

January 22 19:00 UTC 4025640256m

ARTrade Balance

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Forecast

Previous

-1541 %

January 31 00:00 UTC 2843628436m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

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Bln AR bln ARS

January 22 19:00 UTC 4025640256m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 2843628436m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 2843628436m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 2843628436m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

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