Buy on a level breakthrough of 0.7625 with 0.7680 target. Stop loss = 0.7575.
Reason for the trading strategy
Earlier this week, China weakened its restrictions on margin trading in lending. China Securities Finance Corp., which provides margin lending services in China, announced the renewal of short-term loans for a period of 7, 14, 28, 91 and 182 days. At the same time, the company reported a decrease in interest rates for loans. In particular, the interest rate on 182 day loans will be reduced from 4.8% to 3%. These measures may enhance the growth of demand for Chinese stocks and support the commodity currencies.