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Forex: AUD/NZD trading sharply higher, up 78 pips at 1.2304

FXstreet.com (Barcelona) - The AUD/NZD is up 81 pips at 1.2304 last, sitting just below key resistance at 1.2305 (the 9 DMA). The pair immediately caught a bid after China GDP was released at 2:00GMT. The print came in at 7.7% (just shy of the 8.0% forecast). Risk assets are trading lower across the board, with commodities seeing the most downside thus far.

According to William Schumaker of FXBriefs.com, “The Australian Dollar has broken lower with China’s Q1 GDP numbers coming in weaker than expected and Gold lower by another 2.5% from Friday’s closing levels”.

From a technical perspective, market participants should keep a keen eye on the 1.2305 level. The pair has used the 9 DMA as support and resistance a number of times in the past, and it appears to be a key pivot when identifying a shorter term trend change. A close above here would open the door to 1.2381 (the 45 DMA). Initial support sits at 1.2260 (the 9 DMA on 1 hour chart), followed by 1.2235 (the 45 DMA on 1 hour chart)

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