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
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 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.
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%