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After taking a pause for a few days, some pairs have given strong signals on their Daily Charts to indicate the resumption of their sharp breakout trends. GBP AUD, EURO AUD and AUD CHF have given such signals today and are expected to reach their targets between now and the middle of the coming week-200-300 pips on average are possible here. Starting their breakouts are the AUD NZD and the AUD JPY. All of these Aussie pairs have given signals indicating the currency will lose significantly in the period ahead.
The main factor behind the decline in the Aussie pairs was the disappointing GDP quarterly figure released earlier today. Estimates were for a moderate 0.7%, but the data came in at 0,6%. Households continue to save instead of spending while the effects of the decline in the mining sector continue to be felt. This fuelled bets among traders that the RBA will be cutting rates again to boost the economy and support the non-mining sector in its bid for a more balanced growth.
The main factor behind the decline in the Aussie pairs was the disappointing GDP quarterly figure released earlier today. Estimates were for a moderate 0.7%, but the data came in at 0,6%. Households continue to save instead of spending while the effects of the decline in the mining sector continue to be felt. This fuelled bets among traders that the RBA will be cutting rates again to boost the economy and support the non-mining sector in its bid for a more balanced growth.
