FxWirePro: Aussie dumped after huge miss on Australia's Q3 GDP, AUD/JPY slips below 0.75 handle

• AUD/JPY fell to a session low of 84.66 after Australia's Q3 GDP missed expectations by huge margin.
   
• Data released earlier today showed that Australia's Q3 GDP registered at -0.5% q/q vs 0.3% expected and 0.5% last.
   
• Australia's Q3 marks the first quarter-on-quarter contraction since 2011.
   
• AUD/JPY down 0.39% on the day, trading at 84.81 at the time of writing, having recovered from lows.
   
• The pair has held support by 100-SMA on hourly charts, break below will accentuate downside.
   
• We see major resistance at 85.50 (channel top), bearish invalidation only on break above.
   
• Support levels - 84.80 (5-DMA), 84.71 (1H 100-SMA), 84.05 (38.2% Fib of 102.84 to 72.43 fall)
   
• Resistance levels - 85, 85.60 (Weekly 100-SMA), 86, 86.70 (Mar 28 week), 87, 87.64 (50% Fib)
   

Recommendation: Good to sell rallies around 85, SL: 85.60, TP: 84.40/ 84/ 83.75
​

FxWirePro's Hourly AUD Spot Index was at -23.6919 (Neutral), while Hourly JPY Spot Index was at -83.2881 (Bearish) at 0315 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex