Buy on rebound from 0.7394 level with 0.7484 target. Stop loss = 0.7344.
Reason for the trading strategy
The Westpac consumer confidence index in Australia (calculated at the end of the current month) declined by 2.2% (m/m), after 4.4% (m/m) growth in February. Low consumer activity of Australian households will have a negative impact on GDP in Q1 2016. However, growth of Australian exports is capable of supporting the index.
Reason for the trading strategy
The Westpac consumer confidence index in Australia (calculated at the end of the current month) declined by 2.2% (m/m), after 4.4% (m/m) growth in February. Low consumer activity of Australian households will have a negative impact on GDP in Q1 2016. However, growth of Australian exports is capable of supporting the index.
AUDUSD: consolidation above the level of 0.7394
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