AUD/USD: The Australian dollar plunged to a 2-month trough after data showed the domestic economy expanded at its slowest pace in two years last quarter, stirring speculation interest rates would have to be cut to support growth. The Australian gross domestic product grew just 0.2 percent in the December quarter, below forecasts of 0.3 percent, while annual growth slowed to 2.3 percent. The Aussie trades 0.7 percent down at 0.7032, having hit a low of 0.7028 earlier; it’s lowest since Jan. 4. (Highly Bearish). Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.6993 (Jan.4 Low), a break below targets 0.6965. On the upside, resistance is located at 0.7150 (Feb. 22 High), a break above could take it near 0.7206 (Feb. 21 High).
AUD/USD daily chart
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