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FxWirePro: Buy Australian dollar targeting 0.77 against USD

As the dollar continues to exert weakness across the board, and as the Australian economy showing remarkable resilience with economy growing at 3.4 percent y/y in the second quarter of 2018 with unemployment rate hitting 5 percent, despite steady increases in the participation rate, we believe that conditions are currently right to go long on the Australian dollar, based on our calculations.

Trade idea:

We recommend our reader to go long on the Australian dollar, at the current rate of 0.726 against the USD and at dips with a target around 0.77 area. The stop loss should be maintained around 0.7 area.

 

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