2024 June, 5, 12:42:18 PM

AUD/USD Price Analysis: Surges Despite Lackluster GDP Figures

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AUD/USD Price Analysis: Bulls Emerge Despite Disappointing GDP Data

Market Overview

The AUD/USD currency pair experienced a mild bullish trend today, despite weak economic data from Australia. The Australian dollar strengthened against a weakened US dollar after data from the previous trading session indicated a decline in US job openings.

Economic Insights


  • Australia's first-quarter GDP growth missed expectations, rising by only 0.1%, lower than the anticipated 0.2% increase.
  • Annual GDP growth also slowed from 1.5% to 1.1%.
  • Consumer spending fell amid higher interest rates.
  • The probability of a Reserve Bank of Australia (RBA) rate cut this year remains low.

United States

  • US job vacancies fell, contradicting economists' expectations of a slight increase.
  • This data follows disappointing manufacturing PMI figures and inflation numbers.
  • The US economy is showing signs of slowing down due to the impact of high interest rates.
  • Investors anticipate a Fed rate cut in September, with further reports this week to shape the outlook for rate reductions.

Technical Analysis

AUD/USD Price Structure

  • AUD/USD has entered a period of consolidation, ranging between 0.6600 support and 0.6700 resistance.
  • Bulls are in control as the price remains above the 30-SMA, while the RSI supports bullish momentum.
  • A retest of the range resistance is likely in the near term.

Key Events Today

United States

  • ADP Non-Farm Employment Change
  • ISM Services PMI

Technical Analysis Table

Technical Indicator Value Significance
Resistance 0.6700 Potential sell-off point
Support 0.6600 Potential buy-in point
Moving Average (30-period) Above Confirms bullish control
Relative Strength Index (RSI) Slightly above 50 Indicates bullish momentum

Trading Strategy

Given the bullish outlook and technical indicators, a potential trading strategy for AUD/USD is:

  • Buy Limit: Enter a long position near the 0.6600 support level.
  • Stop Loss: Place a stop-loss below the 30-SMA to mitigate risk.
  • Take Profit: Set a target profit near the 0.6700 resistance level.

Risk Management

  • Always use a stop-loss to limit potential losses.
  • Trade with a position size appropriate for your risk tolerance and account balance.
  • Monitor market news and economic data to adjust the trading strategy as needed.


This analysis provides potential trading opportunities and is not intended as investment advice. Forex trading involves significant risk and should only be conducted by experienced traders with adequate knowledge and understanding of the markets.

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