GDP: Delve below the headline today: Having popped higher post yesterday's RBA monetary policy statement the AUDUSD has been hit hard yet again overnight with...

David Scutt

Scutt Partners

GDP: Delve below the headline today: Having popped higher post yesterday's RBA monetary policy statement the AUDUSD has been hit hard yet again overnight with a sharp rally in USDJPY, something that has put a broad-based bid in the USD and hurt the commodities complex, helping to send the pair back towards the multi-year low of .8418 struck earlier in the week. While Q3 GDP will be released this morning, given most attention will be on the internals rather than headline, something that will likely be far weaker than the actual print, it's likely that any initial pop on the headline figure will be quickly sold into by the markets. Still, as ever in Asian trade, the wildcard remains the USDJPY, a proxy for USD strength or weakness, with movements in that pair likely to be more influential on the AUDUSD than any data release. Support is found at .8440, .8420 and .8400 with resistance kicking in at .8460, .8480, .8500 and again at .8540. (VIEW LINK)


David Scutt
Independent Market Strategist
Scutt Partners

David is a Director of Scutt Partners Pty Ltd and has successfully worked in the financial services markets over the past 12 years with both large and smaller banking groups. He has provided strategic financial analysis for currency and interest...

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