AUD/USD outlook: Australian Dollar falls to four-month low on weaker than expected GDP data
|AUD/USD
AUDUSD fell 1% to four-month low on Wednesday, after weaker than expected Australia’s Q3 GDP data, deflated RBA’s hawkish stance.
Significantly weaker than expected economic growth in the third quarter and holding well below RBA’s projections, further fuel signals for rate cut, with bets for easing policy being almost doubled after today’s release.
Fresh political instability in Asia and persisting growth concerns added pressure on Aussie dollar.
Technical picture remains bearish on daily chart, as negative momentum strengthens, and the price dipped below falling and diverging daily Tenkan/Kijun-sen.
The pair is holding firmly in red for the third consecutive month that also contributes to negative outlook, with some profit-taking (probably limited) to be anticipated in the near future.
Bears pressure round-figure 0.6400 support and eye targets at 0.6362 (Apr 19 low) and 0.6348 (2024 low posted on Aug 5).
Former lows at 0.6440 zone offer immediate resistance, followed by broken Fibo 76.4%, reinforced by falling 10DMA (0.6489) and Nov 29 lower top (0.6528).
Res: 0.6537; 0.6575; 0.6600; 0.6637.
Sup: 0.6400; 0.6362; 0.6348; 0.6270.
Interested in AUD/USD technicals? Check out the key levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.