⚡Crypto Alert : Altcoins are up 28% in just last month! Unlock gains and start trading now - Click Here

AUD/USD Spikes on a GDP Beat

The AUD/USD has spiked higher on what is an impressive GDP beat. We are looking at the YoY figure of 3.4% vs 2.9% expected.

This is a strong result and it has seen the Aussie jump back above the 0.7200 mark.

The Aussie economy has really been under pressure with weak jobs growth and flat wage growth. This result might well give the bulls some more hope. This is also a good result gien the poor week of data we’ve seen so far.

The last two days have seen a miss in retail sales on Monday and an update from the RBA that really didn’t have the market all that interested.

But it has been the bounce that we’ve had in the USD that has really hurt the AUD/USD the most of recent times. We are seeing similar, if not worse, falls in the NZD/USD who again is the weakest major pair on the day.


Aussie Outlook

The AUD/USD is now around the major level at 0.7200. In the short-term, this result will mean that the battle at this level will continue.

The strong USD is still the biggest headwind (along with the economy) and I am still looking for a push into 0.7100.

Out downward channel remains intact and the momentum is clearly to the downside. Which it has really been for the bulk of the year.

AUD/USD – 240min
Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Rowan Crosby
Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
Related Articles