AUDUSD Forecast : Disapponting Q3 GDP Numbers
The Australian Q3 GDP numbers released and disappointed the consensus by a wider margin as it limped higher by +0.3%/qtr.
“GDP expanded by “only” 2.8% in 2016 and 2.4% in 2017 and yet the labour market is robust and wages are rising, albeit gradually. The RBA expects growth to ‘average around 3½% this year and next’ while the market’s 2018 and 2019 estimates are 3.0% (was 3.4%) and 3.1% (was 3.3%) respectively, on a mark-to-market basis.”
Australian 10yr bond yield broke below 2.50%, a level that has historically served as a strong floor.
The pair is trading at 0.72900 as of writing and H4 Chart indicators and readings turned from bullish to bearish. 0.72600 where SMA 100 H4 Chart and MM 2/8 resides remain as a major support. A firm break below would carry the price towards 0.72000 key level.
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