AUD impacted by Chinese GDP

Australian flag
This morning, Q3 Chinese GDP was released at +2.7% on quarter, well below +3.3% expected. On a yearly basis, GDP was released at +4.9%, +5.1% expected. As the Australian economy is closely linked to China, AUD is negatively impacted by any Chinese underperformance.

From a technical point of view, on a daily chart, AUD/USD is capped by a declining trend line and stands below its 50-day moving average (in blue). Readers may therefore consider the potential for further weakness below horizontal resistance at 0.7240. The nearest threshold would be set at horizontal support at 0.6920 and a second one would be set at January bottom at 0.6800 in extension.

Source: TradingView, GAIN Capital

Related tags: AUD Forex Forex

Open an account in minutes

Experience award-winning platforms with fast and secure execution.

Web Trader platform

Our sophisticated web-based platform is packed with features.

Economic Calendar