AUD/USD attracts some buyers above 0.6570 following the Australian GDP data

AUD/USD gains ground near 0.6575 following the Australian GDP data.
Australia’s Gross Domestic Product (GDP) showed the slowest growth in two years.
US ADP private employment and Unit Labor Costs will be due later on Wednesday.

Lallalit Srijandorn FXStreet

The AUD/USD pair climbs to 0.6575 during the early Asian trading hours on Wednesday. The pair edges higher following the Australian growth numbers. However, the rebound of the US Dollar (USD) and risk-off mood might cap the further upside of AUD/USD.

Australia's economy unexpectedly slowed in the third quarter, as higher interest rates impacted consumers and trade turned negative. Early Wednesday, the Australian Bureau of Statistics (ABS) revealed that

Australia’s Gross Domestic Product (GDP) expanded by 0.2% in the third quarter of 2023, compared with the 0.4% growth in Q2. This reading came in below expectations of 0.4%. On an annual basis, the growth number rose by 2.1% versus 2.1% growth in Q2, above the market consensus of a 1.8% expansion.

However, the risk-off mood and the pessimistic for China's economic outlooks might cap the China-proxy Australian Dollar (AUD). According to Reuters, the rating agency Moody’s cut its outlook on China’s sovereign credit rating to negative on Tuesday, citing the increasing risks to growth and a property sector crisis in the country.

Investors will take more cues from the US ADP private employment and Unit Labor Cost data on Wednesday. On Thursday, the Australian Trade Balance will be released.

AUD/USD

Overview
Today last price	0.6575
Today Daily Change	0.0022
Today Daily Change %	0.34
Today daily open	0.6553

Trends
Daily SMA20	0.6531
Daily SMA50	0.6435
Daily SMA100	0.6471
Daily SMA200	0.6579

Levels
Previous Daily High	0.6624
Previous Daily Low	0.6544
Previous Weekly High	0.6677
Previous Weekly Low	0.6567
Previous Monthly High	0.6677
Previous Monthly Low	0.6318
Daily Fibonacci 38.2%	0.6575
Daily Fibonacci 61.8%	0.6594
Daily Pivot Point S1	0.6524
Daily Pivot Point S2	0.6494
Daily Pivot Point S3	0.6444
Daily Pivot Point R1	0.6603
Daily Pivot Point R2	0.6654
Daily Pivot Point R3	0.6683

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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