Market Overview

Long Position on AUD/USD

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GBP/USD: Still bearish outlook
•Although Scotland's pro-independence leader Alex Salmond won a final debate before a referendum next month, the GBP rose from a five-month low against the USD and pared losses against the EUR on Tuesday.
•Our outlook for the GBP/USD is bearish and our strategy is to go short at 1.6590. We expect bears to target levels below 1.6500.

Significant technical analysis' levels:

Resistance: 1.6599 (high Aug 25), 1.6633 (10-dma), 1.6680 (high Aug 20)

Support: 1.6566 (hourly low Aug 26), 1.6501 (daily low Aug 25), 1.6460 (low Mar 24)

NZD/USD: The kiwi hit by weak data
•New Zealand reported its first monthly trade deficit in nine months in July. The deficit for the month amounted to NZD 692 mln, taking the trade surplus for the year to July 31 to NZD 1.29 bn. The deficit was higher than median forecast of NZD 475 mn (and annual surplus of NZD 1.49 bn). Exports slipped 3.3% yoy to NZD 3.70 bn, as the value of goods shipped to China and Australia, New Zealand's biggest trading partners, fell further. It was the first fall in exports in 10 months. Imports fell 4.8% yoy.
•The NZD/USD fell on Tuesday after the release of surprisingly large trade deficit. The kiwi extended losses to as far as 0.8311, its weakest since February. We have taken small loss as our long position on the NZD/USD was stopped at 0.8320. We stand aside as the risk is too high on either side of the market.

Significant technical analysis' levels:

Resistance: 0.8405 (high Aug 25), 0.8430 (high Aug 22), 0.8435 (high Aug 20)

Support: 0.8293 (low Feb 27), 0.8259 (low Feb 24), 0.8212 (low Feb 7)

AUD/USD: We went long at 0.9305.
•AUD/USD opened slightly below 0.9300 and then fell to session low at 0.9272. The AUD/USD was under pressure after the NZD/USD broke its latest support at 0.8320. The AUD/USD returned to the opening level then.
•Our outlook for the AUD/USD is bullish. We went long today at the level of 0.9305 and expect the rate to go near July high. Our target is at 0.9470 and stop-loss at 0.9230.

Significant technical analysis' levels:

Resistance: 0.9324 (high Aug 25), 0.9330 (high Aug 22), 0.9345 (high Aug 19)

Support: 0.9235 (low Aug 21), 0.9229 (low Jun 3), 0.9210 (low May 29)

GROWTHACES.COM TRADING POSITIONS:

AUD/USD: long at 0.9305, target 0.9470, stop-loss 0.9230

GrowthAces.com is an independent macroeconomic research consultancy for traders. We offer you daily forex analysis with forex trading signals. The service covers forex forecasts and signals for following currencies: EUR, USD, GBP, JPY, CAD, CHF, AUD, NZD as well as emerging markets. Our subscribers should expect to receive: forex trading strategies, latest price changes, support and resistance levels, buy and sell forex signals and early heads-up about the potential fx trading opportunities. GrowthAces.com offers also daily macroeconomic fundamental analysis that enables you to see fundamental changes on forex market. We provide in-depth analysis of economic indicators resulting from knowledge, experience, advanced statistics and cutting-edge quantitative tools.

We encourage you to subscribe to our daily forex newsletter on http://growthaces.com to get daily analysis for forex traders. We intend that our consultancy should help you make better decisions. At GrowthAces.com we give our best to you - always greatest quality, usefulness and profitability.

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

 

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