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August 30, 2021

Why AUD Could Take Off On GDP News

Frank Cabibi

8/30/2021

The buck has considerably struggled this year as the economy keeps lagging on government-issued lockdowns and economic pauses in already-slowing business throughout the country. However, Australia's most recent unemployment rate came out beating expectations by 0.4% despite the lockdown.

Our outlook

Tomorrow's GDP will cause some volatility for the AUD pairs, and this week's GDP is expected to be lower than the previous report. But the fact that the expectations are much lower than last report suggests that we are not expecting much growth in the short term, but that doesn't change the fact that the numbers have showed us that Australian citizens are finding more jobs than expected. Investors may look past GDP news this time and keep the anticipation that the buck will gain strength on the increasing number of jobs.

Trade Setups

AUDNZD

AUDNZD may have bottomed here on the daily chart after the pair hit a December 2020 low. Price action in the past couple days suggests that price wants to bounce back, and a change in direction to the upside could take it to resistance around 1.05033.

AUDCHF

AUDCHF had already bounced from the lows and is testing resistance at .67158. If price fails to break above, it doesn't have clear support until the lows at .65159. A break higher could take the pair to .67804.

AUDJPY

AUDJPY broke above a falling trend line on the 1D chart and is testing resistance now. If momentum can move price higher, it would have to break a double top around 81.300s. If price fails to break above this resistance level, it could find support around the falling trend line.

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