FxWirePro: AUD/USD erases upbeat Q3 GDP led gains, outlook bullish above 0.73 handle

AUD/USD chart - Trading View 

AUD/USD has slipped lower from session highs at 0.7389 and was trading 0.05% higher on the day at 0.7372 at around 06:40 GMT.

Aussie was buoyed earlier in the day after Australia's economy chalked up a bigger-than-expected economic rebound in the third quarter.

Data released earlier today showed Australia's Gross Domestic Product (GDP) rose 3.3% quarter-on-quarter in Q3, beating expectations for a growth rate of 2.6%.

Upbeat data reinforces the Reserve Bank of Australia's (RBA) stance that the economy has been outperforming its expectations and weakens the case for additional stimulus.

On the other side, a weak US dollar amid revived expectations for bigger fiscal stimulus keeps support for the pair.

Technical bias is also bullish. GMMA indicators shows major and minor trend are strongly bullish. Price action is above major moving averages.

Resumption of upside will see test of 78.6% Fib at 0.7573. Retrace below daily cloud will negate any further bullishness.