AUD/USD chart - Trading View
AUD/USD slips lower for the 2nd straight session, trades range bound in the Asian session.
The Australian dollar under pressure across the board after Australia reported a bigger-than-expected second-quarter economic contraction.
Data released earlier today showed Australia's economy contracted by 6.3% y/y in Q2 versus a forecast for a 5.35 contraction and down from the preceding quarter's growth rate of 1.3%.
The Australian economy shows its deepest slump since the Great Depression. AUD/USD nurses losses around 0.7355 on dismal Q2 GDP release.
US dollar recovery, on the back of strong ISM Manufacturing PMI, continues to weigh on the pair.
A potential Doji on the weekly charts shows signs of exhaustion. 5-DMA support is holding at 0.7345.
Break below 5-DMA could see dip till 21-EMA at 0.7232. Violation at 21-EMA could see more profound weakness.
