The GDP is shrugged off
Less that 24 hours ago the Australian GDP came in at -0.5% for the 3Q. That was much worse than the -0.1% estimate. The AUDUSD tumbled accordingly BUT was not able to take out the lows from Monday at the 0.7410 level. The price started to correct and when the price moved above the 200 hour MA at the 0.7446 level (and base against the level, traders pushed higher.
Fundamentally, it was weak enough to know that there will be a recovery in Q4. So look ahead, not behind.
The rally in the NY session has taken the price toward the 38.2% of the move down from the election day high at the 0.74889. There is other resistance against the 0.7500 level with 5 separate swing levels stalling between 0.7496 and 0.7500 (yellow area in the chart above). Close support can be eyed at the 0.7468 level now (high from Friday). Other support at 0.7464
