AUD is supported by stronger than expected 3Q GDP

Australian flag
Earlier today, official data showed that Australia's 3Q GDP fell 3.8% on year, less than -4.4% expected. On a quarterly basis, it was released at +3.3%, much more than +2.4% expected. Yesterday, the Reserve Bank of Australia kept its benchmark rate unchanged at 0.10% as expected.

From a technical point of view, on a daily chart, AUD/USD has broken above a declining trend line and stands above its 50-day moving average (in blue). Readers may therefore consider the potential for further rise above horizontal support at 0.7200. The nearest threshold would be set at September top at 0.7415 and a second one would be set at horizontal resistance at 0.7520 in extension.

Source: TradingView, GAIN Capital

Related tags: AUD Forex Forex

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