Aussie GDP lower than expected – Tomorrow’s Employment Data in focus: Charts

Q3 GDP (QoQ) came in at 0.5% vs 0.6% expected and 0.6% previous. YoY figures met expectation of 3.1% vs 3.7% previous.

15 Minutes Chart

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AUD/USD went down lower, but was kept above the trendline, keeping consolidation range of 1.046-1.048 in play. All in all, the GDP result wasn't that surprising as RBA was forced into action once more yesterday to stir up the economy.

Hourly Chart

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Hourly chart does not provide any new fresh insights. Yesterday's high may act as interim resistance against a push towards H3, which is incidentally close to to the previous week high.

Daily Chart

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A break of H3 will open up H2 2012 high around 1.0625. Bullish momentum looks to be continuing with a bounce from 61.8% retracement. Employment Change coming tomorrow (5th Dec 7.30 pm EST) could further bullish momentum, or alternatively confirms 1.048 as a significant resistance, re-inviting bearish sentiment to kick in.

Employment Change (NOV)    
Forecast: 0.0K     Previous: 10.7K
Unemployment Rate (NOV)   
Forecast: 5.5%     Previous:  5.4%

 

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