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USDOLLAR Yet to Reach 11370 Target; AUD/USD Breaches Triangle Support

USDOLLAR Yet to Reach 11370 Target; AUD/USD Breaches Triangle Support

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- AUDUSD breach of 0.8540 sets up test of 0.8351, 0.8200.

- Neutral EURUSD favored if price contained by 1.2357/1.2500.

- See the 'high' importance events on the DailyFX Economic Calendar.

Over the next few days, with a meaningful portion of the world’s liquidity drained from markets, the potential for significant breakouts and follow through is seen as limited. In terms of economic data this week, we’ll be first looking to the Q3’14 US GDP revision today at 13:30 GMT.

If the downturn in nonresidential fixed investment, government spending, and exports proves to be larger than initially reported, then the Q3 second estimate will likely decline -0.2%, meeting the +3.3% annualized consensus. Barring a significant revision lower, a +3.3% growth rate should keep the Fed on its current track to hike rates in Q3’15.

Read more: AUD/USD Triangulates on H4; EUR/USD, GBP/USD Holding Range Lows

--- Written by Christopher Vecchio, Currency Strategist

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