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  • AUD/USD Forecast – Aussie Dollar in Monstrous Uptrend Vs US Dollar

    AUD/USD Forecast – Aussie Dollar in Monstrous Uptrend Vs US Dollar

    • – The Aussie Dollar gained massively recently and traded above 0.7800 against the US Dollar.
    • – There is a crucial bullish trend line with support at 0.7790 forming on the hourly chart of AUD/USD.
    • – Today in China, the Gross Domestic Product (GDP) for Q2 2017 was released by the National Bureau of Statistics of China.
    • – The outcome was positive, as there was an increase of 6.9% (YoY), more than the forecast of 6.8%.

     

    Chinese Gross Domestic Product (GDP)

    Today in China, the Gross Domestic Product (GDP) for Q2 2017 was released by the National Bureau of Statistics of China. The market was positioned for the GDP to grow by 6.8% in Q2 2017 compared with the same quarter a year ago.

     

    However, the actual result was above the forecast, as there was an increase of 6.9%, which was similar to the last reading. In terms of the quarterly change, there was an increase of 1.7%, which was in line with forecast, but more than the last +1.3%. Looking at the urban investment figure, there was a rise of 8.6% in June 2017, compared with the same month a year ago.

     

    Overall, the AUD/USD pair may correct a few pips lower, but remains supported near 0.7790-80 in the near term.

     

    AUD/USD Technical Analysis

    The Aussie Dollar after consolidating near 0.7550-70 against the US Dollar for some time formed a base and moved higher. The upside move was solid, as the AUD/USD pair managed to break a few important hurdles like 0.7625 and 0.7680.

     

    AUD/USD Technical Analysis Aussie Dollar US Dollar

     

    The pair traded sharply higher by more than 150 pips and moved past 0.7800. A new monthly high was formed at 0.7833 where the pair faced offers. It is currently correcting lower and trading just above the 23.6% Fib retracement level of the last wave from the 0.7713 low to 0.7833 high.

     

    On the downside, there is a crucial bullish trend line with support at 0.7790 forming on the hourly chart. The same trend line is near the 38.2% Fib retracement level of the last wave from the 0.7713 low to 0.7833 high.

     

    So, buying dips near the trend line support at 0.7800-7790 might be considered in the short term as long as there is no close below it.

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  • NZD/USD Forecast – New Zealand Holding Uptrend Support Vs US Dollar

    NZD/USD Forecast – New Zealand Holding Uptrend Support Vs US Dollar

    • – The New Zealand Dollar remained in an uptrend and currently well above the 0.6980 support against the US Dollar.
    • – There is an ascending channel with support at 0.7000 formed on the hourly chart of NZD/USD, acting as a support for the current trend
    • – Earlier today, the Chinese Gross Domestic Product (GDP) for Q1 2017 (YoY) released by the National Bureau of Statistics of China posted a rise of 6.9%, compared with the last +6.8%.

     

    Chinese Gross Domestic Product

    Today in China, the Gross Domestic Product (GDP) for Q1 2017 (YoY) was released by the National Bureau of Statistics of China. The market was positioned for a growth rate of around 6.8% in Q1 2017, compared with the same quarter a year ago.

     

    The outcome was better, as there was an increase of 6.9% in the gross value of all goods and services produced by China in Q1 2017 (YoY). When we look at the quarterly change, there was an increase of 1.3% in Q1 2017, lower than the last +1.7%. So, considering the yearly change, there was an improvement, but the quarterly change disappointed.

     

    Overall, the New Zealand Dollar may remain supported by the risk sentiment, and NZD/USD could trade back towards the 0.7050 level going forward.

     

    NZD/USD Technical Analysis

    The New Zealand Dollar remained elevated against the US Dollar, as there was a close above 0.7000. Earlier, the NZD/USD pair was seen struggling to close above 0.7000, but the recent price action was encouraging, and suggests more gains above 0.7000.

     

    NZD/USD Technical Analysis New Zealand US Dollar

     

    The pair recently traded as high as 0.7032 from where there was a tiny correction initiated. The pair is now approaching the 23.6% Fib retracement level of the wave from the 0.6909 low to 0.7032 high. However, the same level also coincides with an ascending channel at 0.7000 formed on the hourly chart.

     

    So, the highlighted ascending channel support at 0.7000 might play a crucial role. The pair is likely to bounce back after testing it. If it fails to hold 0.7000, there is a chance of a move towards the 50% Fib retracement level of the wave from the 0.6909 low to 0.7032 high at 0.6970.

     

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