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USD Trading Outlook (05-03-2014)

The Australian Dollar (AUD): Early European session made an attempt to push the AUD towards the 200 hour MA but was unable to push through the stops above 0.8970. The pair drifted down lower in NY session and is now steady around 0.8940-60 levels. The direction of this pair is unsure at the moment and range still holds. Main focus today will be GDP data and Chinese PMI Services, with recent data from both economies being relatively poor, we may possibiliy see a downside break on this pair if it continues.

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