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FxWirePro: AUD/ USD hits 4-month low after disappointing Australia's Q3 GDP data, scope for further downside

• AUD/ USD  slipped  to four-month low    on Wednesday   after data showed Australia's Q3 GDP growth underperformed, leading markets to anticipate rate cuts starting in April.

• Data from the Australian Bureau of Statistics showed GDP grew 0.3% in Q3, below the expected 0.4%. Annual growth slowed to 0.8%, down from 1.0% in the previous quarter, the weakest pace since late 2020.

.• Annual growth slowed to 0.8%, down from 1.0% in the previous quarter, the weakest pace since late 2020. 

• At GMT 05:11, The Aussie   dipped 0.81% to $0.6433,  lowest since August 6th.

•  Immediate resistance is located at 0.6479 (38.2%fib), any close above will push the pair towards 0.6543(50%fib).

•  Support is seen at 0.6406(23.6%fib) and break below could take the pair towards 0.6380(Lower BB).

 Recommendation: Good to sell around 0.6450, with stop loss of 0.6570  and target price of 0.6350.

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