• AUD/USD eased on Wednesday as slightly disappointing Australian GDP data put pressure on the Australian dollar.
• Australian GDP data showed a modest 0.2% growth in the June quarter, falling short of the expected 0.3% increase, as household consumption experienced an unusual decline..
• Annual growth slowed to just 1.0%, with the rate effectively flat if not for a boost from strong government spending.
• The underwhelming result indicates that annual growth is likely to fall short of the Reserve Bank of Australia's (RBA) forecast of 1.7% for the December quarter.
• Immediate resistance is located at 0.6715 (Daily high), any close above will push the pair towards 0.6741 (382%fib).
• Support is seen at 0.6684(50%fib) and break below could take the pair towards 0.6631 (61.8%fib).
Recommendation: Good to sell around 0.6710, with stop loss of 0.6770 and target price of 0.6620
