The Australian was supported by GDP data

• Australia’s GDP (q/q) is 1.0%, the forecast is 0.8%.
• GDP of Australia (y/y) is 3.1%, the forecast is 2.8%

The Australian dollar appreciated at the beginning of the day on the publication of data on Australia’s GDP, which is optimistic against the background of very calm trades on Wednesday. As a result, the Australian strengthened against most competitors and updated the local maximum after yesterday’s correction.

Fig. 1. GDP graph of Australia

The AUD/USD pair also received support from the strengthening of the Australian (limited to the level of 0.7660-70), consolidation above which will open the way to resistance levels 0.7700-30 and indicate the return of the pair in the overall three-year trend.

Fig. 2. AUD/USD. Current price – 0.7650

Also, read: “Fundamental Analysis: The Impact of GDP Indicators on World Currency”

Hanzenko Anton