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AUD/USD – Is 7200 the Bottom?
For the better part of this month, AUD/USD has been making a round bottom around the 7100-7200 area as the pair tries to find some support. The pair has been sold hard on the assumption that the RBA will continue to cut rates in order to stimulate the economy, but the latest data points from Down Under have been surprisingly robust. Last night’s Building Permits rose 3% versus -3% projected decline while labor data has continued to show growth.
Tonight’s GDP numbers could prove to be a big help to Aussie bulls pulling for a turnaround in the pair especially if they print closer to the 3.0% mark. The PMI data out of China could also help if it remains above the 50 boom/bust level. Therefore a positive number could propel the pair towards the 7300 figure but a steep disappointment could test the 7150 support once again.