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.

0

Notifications

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

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Bearish
More View more
Real Time News
  • The Nasdaq 100 index has likely formed an inverse “Head and Shoulders” pattern, which is typically viewed as a bullish trend reversal indicator. Prices may advance further to challenge their all-time highs. Get your market update from @margaretyjy here: https://t.co/tvkE2y6X03 https://t.co/nxxMZFB3Pu
  • Earnings season begins this week with the arrival of quarterly reports from the country’s largest banks. Can they shrug off losses from the recent Archegos blowup and rally higher or will risk aversion take root? Market update from @PeterHanksFX here: https://t.co/Q0LEH8fHzu https://t.co/ywVQ1KwZ26
  • Traders focus a lot of their energy on spotting the perfect time to enter a trade. While this is important, it is ultimately where traders choose to exit trades that will determine success. Learn about the three types of trading exit strategies here: https://t.co/muYkTNXH7s https://t.co/i70XLrni1w
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqhRoMG https://t.co/Zl7sfu0OT2
  • What suits your style of trading stocks or commodities? Find out what are the differences in these two markets here: https://t.co/BnA07cMV0s https://t.co/QqlZ2dQgVv
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here: https://t.co/CNtqrKWDBY https://t.co/lvIUu5FHoq
  • The non-farm payroll (NFP) figure is a key economic indicator for the United States economy. It is also referred to as the monthly market mover. Find out why it has been given this nickname here: https://t.co/yOUVEEqhc5 https://t.co/bpKdIqGxsn
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here: https://t.co/rfwUWJfbz9 https://t.co/jmcAIW4w5k
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZBx7g https://t.co/M9isuvnzqF
  • The British Pound is giving back some of its multi-month gains with some pairs testing notable support despite a positive fundamental backdrop. Get your market update from @nickcawley1 here: https://t.co/6Ct5R0H41F https://t.co/c4rXmMjMrv
Australian Dollar Sold as 1Q GDP Data Disappoints

Australian Dollar Sold as 1Q GDP Data Disappoints

Ilya Spivak, Head Strategist, APAC

TAKEAWAY: Australian GDP grew 0.6% q/q in 1Q vs. 0.7% expected > Slower growth hints the RBA may be moved to cut interest rates > AUDUSD Falls

The Australian Dollar fell against its major currency counterparts, dropping to retest the 0.96 figure against its US namesake, after first-quarter Gross Domestic Product figures underperformed economists’ expectations. Output added 0.6 percent in the three months through March compared with the final quarter of 2012, falling short of forecasts calling for a 0.7 percent increase.

The result drove speculation about another interest rate reduction from the Reserve Bank of Australia (RBA) at the July meeting. The central bank said the outlook for inflation afforded “scope for further easing should that be required to support demand” at its latest policy announcement earlier this week. As we discussed in our weekly forecast, central bank policy expectations have been a critical driver of AUD/USD price action, with the pair tracking the Australia-US 10 year bond yield spread.

Sizing up technical positioning, prices are pulling back from resistance at 0.9776, the 23.6% Fibonacci retracement. Near-term support is at 0.9580, marked by the July 2012 low, with a break below that initially eyeing the May 29 swing bottom at 0.9527. Alternatively, a reversal above resistance eyes the 38.2% level at 0.9930.

Forex_Australian_Dollar_Sold_as_1Q_GDP_Data_Disappoints_body_Picture_5.png, Australian Dollar Sold as 1Q GDP Data Disappoints

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

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

DISCLOSURES