The AUD/USD has dumped sharply following the release of Aussie GDP this morning. The QoQ number came in at 0.2% vs 0.3% exp.

While the YoY number was 2.3% vs 2.6% exp. This is a big miss really and there is already some clear pressure mounting on the AUD/USD

To put it in some context the RBA was looking for 0.6% QoQ, so we are a long way off that.

If there was already some pressure on the RBA to cut interest rates then those calls are only going to be growing now.

The result comes on the back of the RBA yesterday and Governor Lowe speaking today, so the noise around this result is quite big.

AUD/USD Outlook

Currently, the AUD/USD is looking to test the 0.7050 mark after starting out at 0.7090 before the release.

R1 will still be at  0.7200, and there is more support below at 0.7050 and 0.7000.

Watch this for some more downside today.