- Aussie was dumped early in the Asian session after Australia Q3 GDP data missed expectations.
- Australia s/adj Q3 GDP printed at +0.6 pct q/q, missing forecasts at +0.7 pct. Y/Y GDP rose +2.8 pct, below expectations at +3.0 pct.
- AUD/USD is trading at 0.7581, down -0.34% on the day, having posted a daily high at 0.7630 and low at 0.7572.
- The pair has erased hawkish RBA led gains and retraced break above 20-DMA.
- 100W SMA at 0.7552 is strong support ahead of major trendline at 0.7535. We see bullish invalidation on break below 0.7535.
- Break above 50W SMA at 0.7662 finds next major resistance at 200-DMA at 0.7690. Further upside on break above.
Support levels - 0.7608 (20-DMA), 0.7598 (5-DMA), 0.7552 (100W SMA), 0.7535 (trendline)
Resistance levels - 0.7663 (50W SMA), 0.7671 (23.6% Fib retrace of 0.81250 to 0.75320 fall), 0.7691 (200-DMA)
Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-spikes-past-20-DMA-at-07609-Aussie-buoyed-by-upbeat-data-and-hawkish-RBA-statement-1041327) has been stopped out.
Recommendation: We prefer to wait for clear directional bias.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -46.8777 (Neutral), while Hourly USD Spot Index was at -9.10973 (Neutral) at 0400 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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