The AUD/USD has taken out stops above the 0.9320 level, trading up to a high so far of 0.9337. The pair had been struggling with sellers in the 0.9300-10 region for the past two days. A close above the 0.9320 level today could be hinting at a bounce back towards the 0.9565-70 region with the 21-DMA having to be dealt with first at 0.9471. Immediate support is now noted at the 0.9315 break out level and an hourly close above this level would boost the pairs hopes.
The softer than expected US GDP numbers have helped ease the market’s concerns surrounding the US fed slowing down the magical money printing press they have been working overtime for a while now. Although the data isnt anything earth shattering, we are likely to see the equity markets react to data releases such as today’s final GDP number which should continue to provide good trading opportunities.
