Australia’s GDP Data May Attract 40 PIP Movement

Australia’s GDP Data

Australia will publish GDP q/q data around 0130 GMT/0700 IST. It’s the broadest measure of economic activity and the primary gauge of the economy’s health. Since last two times, Australia has released this data with positive numbers but this time market has expected negative reading around -6.0 pct vs -0.3 pct previous released. Is the Actual reading comes higher than expected then only AUD will appreciates against major peers.

Let’s see how AUD has reacted during the previous data release:

June 03: Positive Reading

March 04: Positive Reading

Technical View:

AUD/USD: The Aussie remains volatile against U.S. dollar on Tuesday. Today RBA kept interest rate unchanged and on the other side Australia is going to release GDP data due tomorrow. The pair made intraday high at $0.7413 and low at $0.7365 marks. On the top side key resistances are seen at $0.7422, $0.7462 and $0.7502 mark respectively. On the other hand, a consistent close below $0.7375 will take the parity down towards key supports around $0.7322, $0.7257, $0.7190, $0.7158, $0.7123, $0.7082, $0.7040, $0.6969, $0.6922, $0.6861, $0.6833 and $0.6799 mark respectively.

Take a look and do trade wisely!

Good Luck