Australian GDP surprised in Q2 with a strong growth rate of 1.2%, higher than expected. This helped AUD/USD settle above 0.90 and aim for the next resistance level. Update on this high yielding currency. Australia publishes its Gross Domestic Product quite late, and doesn’t provide preliminary releases. After all the wait, the news were good: The Australian economy grew by 1.2% in the second quarter of 2010, significantly better than expected – 0.9%. Also the figure for Q1 was revised to the upside – 0.7%, up from 0.5% originally posted. If Q1 wouldn’t be revised to the upside, the result for Q2 would be even stronger. AUD/USD was trading in a rather narrow range, between 0.8870 to 0.90 before the release. This narrow trading characterized other currencies. But after the release, the Aussie stood out. It jumped towards 0.90 immediately after the release, and then continued steadily above this round number, peaking around 0.9060, 20 pips short of the 0.9080 resistance line. A break above 0.9080 will send the pair towards 0.9135, followed by 0.9220 and 0.9327. A fall back below 0.90 will be cushioned by 0.8870. The Australian economy continues to outshine other Western countries, and so does the high interest rate – 4.50%. Despite 6 rates hikes since the crisis, the economy slowed down only marginally. Earlier this week, Company Operating Profits surprised with a 18.9% jump (5.9% expected), Building Approvals rose by 2.3%, despite the rate hikes that curbed the housing sector (a drop was expected). Retail Sales also surprised with a rise of 0.7%, better than 0.4% that was predicted,and the Current Account showed a 5.6 billion deficit, better than expected. The only disappointment came from the Private Sector Credit, which rose by only 0.1%. All in all, most indicators were great, with GDP leading the pack with an impressive growth rate. The rise in the Aussie is still undermined by the Australian elections that left a hung parliament. As soon as a new government is formed, the road is open for more gains. Want to see what other traders are doing in real accounts? Check out Currensee. It’s free.. 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. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next Will Foreign Forex Brokers Get “Gambling” Classification Yohay Elam 12 years Australian GDP surprised in Q2 with a strong growth rate of 1.2%, higher than expected. This helped AUD/USD settle above 0.90 and aim for the next resistance level. Update on this high yielding currency. Australia publishes its Gross Domestic Product quite late, and doesn't provide preliminary releases. After all the wait, the news were good: The Australian economy grew by 1.2% in the second quarter of 2010, significantly better than expected - 0.9%. Also the figure for Q1 was revised to the upside - 0.7%, up from 0.5% originally posted. If Q1 wouldn't be revised to the upside, the result… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.