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Australian GDP looks good – AUD/USD holding high ground

The Australian economy grew by 0.9% in Q3, better than 0.7% that was officially expected. In addition, Q2 was revised up from 0.2% to 0.3%. Year over year, growth came out at 2.5%, better than 1.9% in Q2.

AUD/USD  was already underpinned by somewhat higher expectations and didn’t break to higher ground, but it certainly maintains its breakout above resistance.

It seems that the crash in commodity prices is not fully hurting the Australian economy. One of the reasons is that the mines are already producing quite a lot. A second reason is that the  economy in the land down under also has other economic activity.

AUD/USD already made the breakout above 0.7280 and reached a high of 0.7342. Further resistance awaits at 0.7364.

In another development, RBA governor Glenn Stevens, which left policy unchanged yesterday, explained how the swings in the A$ helped balance the economy.  He refers also to the previous rises in the Aussie and not only the recent fall.

AUDUSD December 2 2015 technical chart

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.