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4 September 2024,02:23
Trade Of The Day
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4 September 2024, 02:23
* GDP Stumble: The Australian Dollar declined against the U.S. Dollar after Australia’s GDP data came in weaker than expected. The Australian Bureau of Statistics (ABS) reported a 0.2% quarter-on-quarter GDP growth in Q2 2024, up from 0.1% in Q1, but below the forecasted 0.3% increase. Adjusted for population growth, GDP per capita shrank for the sixth straight quarter, marking a new record.
* Technical Breakout: AUDUSD was traded lower following prior breakout below the previous support level 0.67000. MACD which illustrate strong bearish momentum signal suggest the pair to likely extend its losses.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards 0.66400. Conversely, a potential reversal is also to be expected and the price could head back towards 0.67550 after it breach back above the level 0.67000.
Moving ahead, traders are now focusing on the upcoming speech by Reserve Bank of Australia (RBA) Governor Michele Bullock on Thursday, to gather more insights into the central bank’s hawkish stance on monetary policy. Additionally, traders will also focus on more economic data such as the ISM Services PMI and Nonfarm Payrolls (NFP) to shed light on the potential size of an expected rate cut by the Fed this month
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US and Australia data, central bank updates and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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