Aussie dollar traders are eagerly awaiting the latest update on the Quarterly GDP data today with market expectations for a 0.2% month-on-month increase priced in. This result would be a similar print to lasts quarter’s and would go some way to confirming slowing growth in the economy and therefore push the argument for earlier rate cuts from the RBA with some considering the country to be closing in on recessionary conditions. Anything stronger of course would put more pressure on the Reserve Bank to maintain elevated rates and should see the Aussie climb.
The Aussie has dropped lower in the last couple of trading sessions after peaking just under 67 cents and now sits in the middle of recent ranges, however any print today that is significantly off expectation should see good moves in the market with downside support only 20 pips away probably the most at risk.
Resistance 2: 0.6714 – May High
Resistance 1: 0.6696 – Short-term Trendline Resistance
Support 1: 0.6618 – Short term Trendline Support
Support 2: 0.6588 – 30 May Low
