Sell on a level breakthrough of 0.6980 with 0.6900 target. Stop loss = 0.7030.
Reason for the trading strategy
Australia's GDP in Q2 2015 increased by 0.2% (q/q) with a forecast of 0.4% (q/q). The data, which turned out to be worse than expected, provoked a drop in the AUD/USD pair to the 0,698 level. The uncertainty about the prospects of China's economic growth and the increase in the key interest rates in the US are playing against the Aussie.