GDP Misses the Mark: AUD/USD Sell-Off

The AUD/USD has run into a bout of selling as the latest GDP update has come in softer than expected.

And we didn’t just miss by a little bit, we missed by a lot. Markets were expecting 3.3% YoY and we came in at 2.8%.

The AUD/USD has immediately sold off hard and we are now charging towards support.

There were inclinings this might be on the cards with some soft construction data recently but that is a pretty bad miss. All the talk of improving economic conditions from the RBA might be just wiped out for the time being.

We do get another chance to redeem ourselves with retail sales, but not a great start with this figure.

Aussie Outlook

The AUD/USD is charging towards the major level at 0.7300.

We are seeing a bit of a bounce and some selling, but how we fair here will tell the story.

If buyers step up and we retrace our losses, that is showing huge strength and we might see a  multi-day push higher.

If 0.7300 breaks and holds, then we will likely push lower for the rest of the session.