AUDUSD retreats from 8 month high ahead of AU GDP
The AUDUSD finished lower last week at .6765 (-0.47%), retreating from an eight-month high of .6824 as the USD received support from month-end rebalancing flows and stronger US economic data.
This week, all eyes turn to Wednesday's AU June quarter (Q2) GDP. The market is looking for a rise of 0.3%QoQ, which would see the annual rate ease to 1.0% YoY, fractionally above the RBA’s forecast of 0.9% YoY.
Technically, the AUD/USD needs to see a sustained break above .6800/25c to open up a test of the December .6871 high before weekly trend line resistance at .6940. Aware that while the AUD/USD remains below the .6800/25 resistance level, rotation lower to the 200-day ma at .6612 is still possible.
This week, all eyes turn to Wednesday's AU June quarter (Q2) GDP. The market is looking for a rise of 0.3%QoQ, which would see the annual rate ease to 1.0% YoY, fractionally above the RBA’s forecast of 0.9% YoY.
Technically, the AUD/USD needs to see a sustained break above .6800/25c to open up a test of the December .6871 high before weekly trend line resistance at .6940. Aware that while the AUD/USD remains below the .6800/25 resistance level, rotation lower to the 200-day ma at .6612 is still possible.
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