Australian Q3 GDP Hit Aussie, Yet Holds Above Uptrend Line Support
December 7, 2016 11:03 am
AUDUSD has seen a significant retracement since the US presidential election, as a result of the strengthening of the dollar. We saw the release of the Australian Q3 GDP YoY figure overnight, was 1.8%, much lower than expectations of 2.5% and the previous figure of 3.3%. The weak GDP figure weighed on the Aussie, it has seen a sharp fall of 48 points after the release of the figure, breaking the support level at 0.7450. Yet the price rebounded after testing the downside uptrend support line. The current trend is likely to remain upward. The price is moving from the lower band of the Bollinger Band indicator to the middle band, indicating the increase of bullish momentum. The resistance level is at 0.7450, followed by 0.7460 and 0.7470. The support line is at 0.7435, followed by 0.7420 and 0.7400. NZDUSD has seen a significant retracement since the US presidential election, as a result of the strengthening of the dollar. Yet the price has rebounded after testing the downside uptrend support line. On the daily chart, the 10 SMA is crossing over the 20 SMA, indicating the current trend is turning upwards. The resistance level is at 0.7150 (50-day SMA), followed by 0.7200 and 0.7230. The support line is at 0.7100, followed by 0.7050 and 0.7000. Source: FX Pro Market Snapshot
AUDUSD has seen a significant retracement since the US presidential election, as a result of the strengthening of the dollar. We saw the release of the Australian Q3 GDP YoY figure overnight, was 1.8%, much lower than expectations of 2.5% and the previous figure of 3.3%. The weak GDP figure weighed on the Aussie, it has seen a sharp fall of 48 points after the release of the figure, breaking the support level at 0.7450. Yet the price rebounded after testing the downside uptrend support line. The current trend is likely to remain upward. The price is moving from the lower band of the Bollinger Band indicator to the middle band, indicating the increase of bullish momentum. The resistance level is at 0.7450, followed by 0.7460 and 0.7470. The support line is at 0.7435, followed by 0.7420 and 0.7400. NZDUSD has seen a significant retracement since the US presidential election, as a result of the strengthening of the dollar. Yet the price has rebounded after testing the downside uptrend support line. On the daily chart, the 10 SMA is crossing over the 20 SMA, indicating the current trend is turning upwards. The resistance level is at 0.7150 (50-day SMA), followed by 0.7200 and 0.7230. The support line is at 0.7100, followed by 0.7050 and 0.7000.
Source: FX Pro Market Snapshot
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