4 Sep 2013
AUD/USD soars to 2-week highs at 0.9085 on Australian GDP data
FXstreet.com (Chicago) - AUD/USD broke through immediate resistance to spike at 0.9085 2-week highs on the release of Australian GDP data. Despite stronger greenback prior to the bullish upswing, the Aussie managed to outweigh the dollar.
Better-than-expected Australian GDP amid war concerns
Australian GDP growth for the second quarter of the year matched expectations at 0.6% (QoQ). Annual results outperformed estimates at 2.5% to reach 2.6% and increase from prior 2.5%. The pair soared to 2-week highs at 0.9078 and faces up on heavy buying. Amid the circulation of Senatorial draft on the Syrian conflict stating a 60-days deadline will be necessary with possible 30-day extension for military strike, concerns on potential military attack continue to rise.
AUD/USD Technical Levels
Technically speaking, the pair trades at 0.9082, aiming to consolidate above the 0.9080 zone which remains on 2-week peaks range. On the downside, supports are aligned at 0.9040 (August 22nd highs), 0.9024 (August 20th lows) ahead of 0.8996 (August 27th highs) and resistances at 0.9069 (double tops, session highs and August 26th highs), 0.9093 (August 20th highs) followed by 0.9115 (August 14th lows). The FXstreet.com trend index reports the pair as slightly bearish on one-hour timeframe analysis despite being offered above the EMA20.
Better-than-expected Australian GDP amid war concerns
Australian GDP growth for the second quarter of the year matched expectations at 0.6% (QoQ). Annual results outperformed estimates at 2.5% to reach 2.6% and increase from prior 2.5%. The pair soared to 2-week highs at 0.9078 and faces up on heavy buying. Amid the circulation of Senatorial draft on the Syrian conflict stating a 60-days deadline will be necessary with possible 30-day extension for military strike, concerns on potential military attack continue to rise.
AUD/USD Technical Levels
Technically speaking, the pair trades at 0.9082, aiming to consolidate above the 0.9080 zone which remains on 2-week peaks range. On the downside, supports are aligned at 0.9040 (August 22nd highs), 0.9024 (August 20th lows) ahead of 0.8996 (August 27th highs) and resistances at 0.9069 (double tops, session highs and August 26th highs), 0.9093 (August 20th highs) followed by 0.9115 (August 14th lows). The FXstreet.com trend index reports the pair as slightly bearish on one-hour timeframe analysis despite being offered above the EMA20.