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Aussie Gross Domestic Product (Q1): Miss by 0.1% QoQ and YoY, AUD/USD in 15 pip rangesteady

The Australian Bureau of Statistics (ABS) has released the Gross Domestic Product (GDP):

  • Australia Gross Domestic Product (YoY) came in at 2.3%, below expectations (2.4%) in 1Q.
  • Australia Gross Domestic Product (QoQ) came in at 0.2% below forecasts (0.3%) in 1Q.

AUD/USD update

AUD/USD is in a 15-pip range on the data.

As illustrated in the article above,  the daily chart shows the price in a W-formation also, but this could be about to complete with a pullback to restest the commitment of the bulls.

A declaration of the momentum with a creeping correction into the Federal Reserve meeting, June 14, could be on the cards. 

On the hourly chart, we can also see that there is a series of days that have been running in the green which could come under pressure mid-week as follows:

A break of the trendline, 20 EMA and 0.6665 would open risk to test 0.6640 and 0.6612 structures and possible support areas. 

On the other hand, this could continue higher:

About the Gross Domestic Product (GDP)

The Australian Bureau of Statistics (ABS) releases the Gross Domestic Product (GDP) on a quarterly basis. It is published about 65 days after the quarter ends. The indicator is closely watched, as it paints an important picture for the economy. A strong labor market, rising wages and rising private capital expenditure data are critical for the country’s improved economic performance, which in turn impacts the Reserve Bank of Australia’s (RBA) monetary policy decision and the Australian dollar. Actual figures beating estimates is considered AUD bullish, as it could prompt the RBA to tighten its monetary policy.

Author

Ross J Burland

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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