News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
Real Time News
  • We are heading into a Tuesday lull which precedes Wednesday's FOMC focus. Will the absence of distractions allow for risk trends to gain momentum or perhaps will Fed anticipation temper the $SPX tumble? My take:
  • CTV projects Trudeau wins his third term as Canada's Prime Minister - BBG
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here:
  • US House Speaker Pelosi says top-line spending number may change but hopes for $3.5 trillion in spending bill - BBG
  • RBA Minutes: - Board committed to providing high level of monetary support - Q3 GDP expected to decline materially - Central scenario is rates on hold until 2024 - BBG $AUDUSD
  • Heads Up:🇦🇺 RBA Meeting Minutes due at 01:30 GMT (15min)
  • New Zealand reports 14 new local Covid cases - BBG
  • I had a chance to talk with @tastytradeRyan and @victorJ0NES about Evergrande and its impact on US markets — always great talking with these two guys on Mondays.
  • RT @cheddar: Stocks dropped the most since May on Monday, sending shockwaves through Wall Street. @CVecchioFX explains the global impact of…
  • The Spinning Top candlestick pattern forms part of the vast Japanese candlestick repertoire with its own distinct features. Gain a better understanding of the spinning top candlestick here:
Australian Dollar Forecast: AUD/USD Eyes Q2 GDP to Kick Off September Trading

Australian Dollar Forecast: AUD/USD Eyes Q2 GDP to Kick Off September Trading

Thomas Westwater, Analyst

Wednesday’s Asia-Pacific Outlook

  • Australian Dollar gains versus US Dollar ahead of Australian Q2 GDP
  • NZD sees broad-based strength after New Zealand Covid cases drop
  • AUD/USD ends August with a loss as a trendline caps upside overnight

Wednesday’s Asia-Pacific Outlook

The Australian Dollar gained versus the US Dollar overnight as Wall Street stock indexes shifted lower to close out August. Major US equity indexes closed higher for the month despite Tuesday’s selloff. The United States saw a drop in consumer confidence in August, with the Conference Board’s index sinking to 113.8. That marks a six-month low. Rising prices and the Delta variant weighed on the figure.

Australia’s second-quarter gross domestic product will provide today’s key event risk. Analysts expect the figure to cross the wires at 0.4% on a quarter-over-quarter basis, according to a Bloomberg survey. That would mark the country’s fourth quarter of slowing growth. Moreover, a series of prolonged lockdowns across New South Wales (NSW) and Victoria have put a possible economic contraction on the cards for Q3.

Elsewhere, crude oil saw its worst monthly performance of the year as traders eye warning signs that consumption in the global economy may be leveling off. An EU Council statement urging EU membernations to halt non-essential travel from the United States was released on Monday. It is the latest warning shot for the travel and tourism industries. US traveler throughput dropped to 1.623 million on Monday, according to TSA data. That is down 28.47% from 2019.

The New Zealand Dollar performed well overnight after the island nation reported the third day of declines in Covid-19 case numbers. The encouraging data suggests that containment measures are effective, which contrasts with what has been seen in neighboring Australia. A level 4 lockdown will continue for Auckland, but other regions are expected to seedowngrades to level 3 later today. The upbeat Kiwi Dollar comes despite the weakest ANZ business confidence print since March. AUD/NZD finished August nearly 1.5% lower.

AUD/USD Technical Outlook:

AUD/USD ended August with a 0.41% loss. The currency pair failed to eclipse a descending trendline overnight and is currently trading around the 26-day Exponential Moving Average (EMA). The MACD oscillator is weakening, indicated by the falling histogram reading. The 61.8% Fibonacci retracement may provide support to the downside. Alternatively, the descending trendline will likely continue to cap upside.

AUD/USD Eight-Hour Chart

audusd chart, westwater

Chart created with TradingView


--- Written by Thomas Westwater, Analyst for

To contact Thomas, use the comments section below or @FxWestwateron Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.