4 Dec 2013
AUD/USD finds support at 0.9030
FXstreet.com (Edinburgh) - The offered tone continues to dominate the price action of the AUD/USD so far, now attempting a rebound after hitting 3-month lows near 0.9030.
AUD/USD hurt by GDP data
The disappointing data from Australia’s GDP during the third quarter dragged the AUD almost 100 pips lower soon after the release, hitting multi-month lows in the boundaries of 0.9030. The Australian economic activity expanded below forecasts at an annual pace of 2.3% and 0.6% inter-quarter, vs. estimates at 2.6% and 0.8%, respectively. “As the RBA already expected sub-trend growth we look ahead, and expect consumption, housing and net exports to add more to growth in the coming year to generate 3% GDP growth in 2014”, noted Annette Beacher, Strategist at TD Securities.
AUD/USD key levels
At the moment the pair is losing 1.08% at 0.9040 and a breach of 0.9038 (low Sep.4) would open the door to the psychological mark at 0.9000. On the upside, the first hurdle lines up at 0.9147 (high Dec.3) ahead of 0.9169 (high Dec.2) and finally 0.9204 (high Nov.26).
AUD/USD hurt by GDP data
The disappointing data from Australia’s GDP during the third quarter dragged the AUD almost 100 pips lower soon after the release, hitting multi-month lows in the boundaries of 0.9030. The Australian economic activity expanded below forecasts at an annual pace of 2.3% and 0.6% inter-quarter, vs. estimates at 2.6% and 0.8%, respectively. “As the RBA already expected sub-trend growth we look ahead, and expect consumption, housing and net exports to add more to growth in the coming year to generate 3% GDP growth in 2014”, noted Annette Beacher, Strategist at TD Securities.
AUD/USD key levels
At the moment the pair is losing 1.08% at 0.9040 and a breach of 0.9038 (low Sep.4) would open the door to the psychological mark at 0.9000. On the upside, the first hurdle lines up at 0.9147 (high Dec.3) ahead of 0.9169 (high Dec.2) and finally 0.9204 (high Nov.26).