S&P may downgrade Australia's rating

July 24, 2015

Sell on a level breakthrough of 0.7265 with 0.7200 target. Stop loss = 0.7325.

Reason for the trading strategy

In July, the HSBC business activity index in China's manufacturing sector declined from 49.4 p. to 48.2 p. The weakening of the Chinese economy will lead to a reduction in the country's imports consumption and put pressure on the commodity currencies. In addition, the news that the S&P agency may downgrade Australia's rating, if the country does not eliminate their budget imbalances, puts pressure on the Aussie.

Publication source
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