Buy on a level breakthrough of 0.7308 with 0.7400 target. Stop loss = 0.7250.
Reason for the trading strategy
Weak macroeconomic statistics for China was published last weekend. The volume of industrial production grew by 6% (y/y), with a forecast of 6.5% (y/y); retail sales grew by 10.1% (y/y), with a forecast of 10.6% (y/y); the volume of investments in fixed assets grew by 10.5% (y/y), with a forecast of 11% (y/y). The current growth of the AUDUSD pair against the background of a slight improvement in the situation on the commodity markets is adjustive in nature and will be limited to the resistance level of 0.74.
Reason for the trading strategy
Weak macroeconomic statistics for China was published last weekend. The volume of industrial production grew by 6% (y/y), with a forecast of 6.5% (y/y); retail sales grew by 10.1% (y/y), with a forecast of 10.6% (y/y); the volume of investments in fixed assets grew by 10.5% (y/y), with a forecast of 11% (y/y). The current growth of the AUDUSD pair against the background of a slight improvement in the situation on the commodity markets is adjustive in nature and will be limited to the resistance level of 0.74.
Exness - AUDUSD: consolidation below the level of 0.7308
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