AUD/Price Analysis: Daily support expected to absorb supply if data disappoints

• AUD/USD could be pressured on a disappointment in GDP and Chinese data. 
• China to report Caixin Manufacturing PMI( Aug) later today. 
• Daily support structures are expected to absorb pressures. 

 Australia Q2 national accounts are coming up.

 Gross Domestic Product is expected to have grown by only 0.5%, but analysts at Westpac are seeing this lower at 0.1%.

''To the revised view, risks appear tilted to the downside.''

''The updated median forecast on Bloomberg is 0.4%qtr, 9.1%yr (as the Q2 20 slump drops out), with a wide range of +0.1% (was -0.1%) to +1.2%qtr,'' they note. 

In any case, there appears to be enough support on the charts to soak up any supply that may result from the data, as illustrated below:

Daily & hourly charts

The data could see the Aussie wobble, but in a weak USD environment, the bulls could well move in at a discount and protect the daily trendline support near 0.7280.

From an hourly perspective, the trendline support could come under pressure nut the daily horizontal support will be the next challenge: