AUD/USD bulls lack enthusiasm on decent Q3 GDP?

FXStreet (Guatemala) - AUD/USD was marginally higher on the release of a decent result in the Q3 data for the Australian economy, both q/q and y/y. The September Q3 q/q arrived at +0.9% vs +0.8% expected and better than the +0.2% prior. Y/y arrived +2.5% vs +2.4% expected and +2.0-% prior of which Stevens was reported being pleased with saying, it was not a bad outcome and just a little below trend.

Stevens was happy on GDP result

Stevens is speaking in Perth today saying that the swings in the Aussie have helped avoid damaging cycle of inflation and bust while remaining bullish for a continued moderate economic growth in the economy. All in all, the air remains an air of optimism and although the reaction was limited in the Aussie, with it having been already well bid up to the trend line and the anticipated bullish result mostly priced in, the price will likely target a strong resistance level at 0.7370 and October highs while awaiting the Nonfarm Payrolls showdown at the end of the week from the US.

AUD/USD sell off due?

Technically, a break of the Oct highs and current trend line brings the 200 DMA at 0.7467 into scope for a more convincing case of a correction of the trend. However, a lack of demand here at the trend line could raise a case for a sell-off in a resumption of the downtrend in the nearterm. To the downside, the 55 SMA at 0.7246 on the hourly time frames stand as a strong level of support around the cluster of MA's at that juncture.

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