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COZfx: AUD/USD declines as IMF forecast continues to weigh

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COZfx: AUD/USD declines as IMF forecast continues to weigh

Postby dwang » Thu Oct 09, 2014 2:49 am

COZforex: The Australian dollar dropped against its US counterpart on Wednesday, as risk sentiment remained under pressure after the International Monetary Fund cut on Tuesday its forecast for global economic growth this year.
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AUD/USD hit 0.8752 amid late Asian trade, the session low; the pair subsequently consolidated at 0.8778, down 0.41%. COZforex senior currency strategist Ian • Quigley said, AUD/USD is expected to find support at 0.8729, and a drop through could take it to the next support line of 0.8673. Meanwhile, the pair is predicted to find its first resistance at 0.8839, and a rise through could take it to the next resistance line of 0.8893.

In technical analysis, LME Copper prices rise 0.04% or $2.5/MT to $6715.0/MT. Aluminium prices declined 0.63% or $12.0/MT to $1886.0/MT.

Market sentiment was hit after the IMF downgraded its global growth forecast for both this year and next, due to stagnation in Europe and a weaker-than-forecast recovery in Japan. IMF cautioned that unemployment rate in Australia would continue to remain above 6.0% over the next two years, with the agency expecting the Australian economy to witness 6.2% jobless rate this year and 6.1% in the next year. Meanwhile, it expects Australia to grow by 2.8% in 2014 and 2.9% in 2015.

The agency now sees 2014 global growth of 3.3% and 2015 growth of 3.8%, a decline of 0.1% for 2014 and 0.2% for 2015 from forecasts made in July.

Investors were turning their attention to the minutes of the Federal Reserve’s September meeting, due out later in the day, for fresh indications on the future possible direction of US monetary policy.


(COZ forex UK)
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Re: COZfx: AUD/USD declines as IMF forecast continues to wei

Postby Boshka » Sat May 23, 2015 3:26 pm

To my mind AUD/USD won't able to break the resistance level and increase. That's why I recommend to open sell orders.
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Re: COZfx: AUD/USD declines as IMF forecast continues to wei

Postby Boshka » Thu Jun 18, 2015 8:21 am

Many has changed since the moment of my last message. Now I expect growth till the level 0.7800
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Re: COZfx: AUD/USD declines as IMF forecast continues to wei

Postby Boshka » Fri Jun 26, 2015 1:48 pm

Currency pair is rather ambigious. It is likely that the price will keep this level. I am sure it won't get above 0.7800
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Re: COZfx: AUD/USD declines as IMF forecast continues to wei

Postby Boshka » Sat Jul 18, 2015 7:24 pm

The AUD/USD closed the last week at the level of 0.7372. I guess there will be a pivot at the opening of the market and the market will go up.

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Re: COZfx: AUD/USD declines as IMF forecast continues to wei

Postby Boshka » Mon Jul 20, 2015 6:35 am

My AUD/USD strategy for today is to open a buy at 0.7380 with target at 0.7440 and SL at 0.7365.

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Re: COZfx: AUD/USD declines as IMF forecast continues to wei

Postby Boshka » Wed Jul 29, 2015 7:04 am

I got one important thing today. We should remember that AUD is a resource-based currency. (see the article about it https://freshforex.com/encyclopedia-forex/The-relationship-of-the-base-interest-rate-and-currency-exchange-rate/)

So, we'd better follow the daily news to trade it successfully, that's why it's very difficult to predict movements of the AUD/USD market.
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Re: COZfx: AUD/USD declines as IMF forecast continues to wei

Postby Boshka » Mon Aug 10, 2015 8:14 am

The AUD/USD market seems to start going down after a resistance double testing. I'm going to open a sell today.

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Re: COZfx: AUD/USD declines as IMF forecast continues to wei

Postby Boshka » Wed Aug 12, 2015 2:22 pm

My AUD/USD strategy for today is to open a sell at the level of 0.7340 with a target at 0.7260 and SL at 0.7350.

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Boshka
 
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Re: COZfx: AUD/USD declines as IMF forecast continues to wei

Postby Boshka » Tue Aug 18, 2015 5:55 am

The AUD/USD seems to start a side-ways trend, I'll be waiting here for better opportunities to open the deals.

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