Aussie GDP misses the mark and slightly weighs on AUD

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The Australian Bureau of Statistics (ABS) released Australia’s Gross Domestic Product (GDP) on a quarterly basis as follows:

AUD/USD is a touch offered after the data but remains within familiar ranges for the session so far, trading just below 0.6700.

On the daily chart, the price is holding around the trendlines but a break of 0.6670/50 and below opens the risk of a move to test 0.6580 and below:

However, tf the bulls commit at this juncture, near a 0.78.6% Fibonacci area, then there will be prospects of a move in resistance near 0.6850.

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.

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