{"id":73384,"date":"2024-12-04T09:53:40","date_gmt":"2024-12-03T22:53:40","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=73384"},"modified":"2024-12-04T09:53:41","modified_gmt":"2024-12-03T22:53:41","slug":"trade-the-aussie-dollar-on-the-australian-gdp-data","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/trade-the-aussie-dollar-on-the-australian-gdp-data\/","title":{"rendered":"<strong>Trade the Aussie Dollar on the Australian GDP Data<\/strong>"},"content":{"rendered":"\n<p>Aussie dollar traders are gearing up for a busy session today, with key GDP data scheduled for release early in the day. Reserve Bank of Australia Governor Michele Bullock adopted a strongly hawkish tone during her speech last week. If today\u2019s data supports her stance, we could witness further strength in the Aussie dollar in the sessions ahead. The market expects a 0.5% quarter-on-quarter increase, and any significant deviation from this figure could lead to substantial currency movements.<\/p>\n\n\n\n<p>The Aussie has been under pressure against the greenback over the past month, with the \u2018big dollar\u2019 strengthening across the board. It is currently trading just above recent multi-month lows, below 65 cents. A weaker-than-expected GDP figure today could see the currency testing those levels, potentially pushing towards the annual low of 0.6347. Conversely, a stronger result may trigger a relief rally, although traders anticipate such gains to be capped due to the prevailing downward trend. On the hourly chart, short-term resistance is now positioned around 0.6520.<\/p>\n\n\n\n<p><strong>Resistance 2:<\/strong> 0.6687 \u2013 November High<\/p>\n\n\n\n<p><strong>Resistance 1: <\/strong>0.6520 \u2013 Trendline Resistance<\/p>\n\n\n\n<p><strong>Support 1: <\/strong>0.6438 \u2013 Short-term Trendline Support<\/p>\n\n\n\n<p><strong>Support 2:<\/strong> 0.6410 \u2013 Long-term Trendline Support<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.icmarkets.com\/blog\/wp-content\/uploads\/2024\/12\/Aussie-Hourly-3.png\"><img decoding=\"async\" loading=\"lazy\" width=\"965\" height=\"405\" src=\"https:\/\/www.icmarkets.com\/blog\/wp-content\/uploads\/2024\/12\/Aussie-Hourly-3.png\" alt=\"\" class=\"wp-image-73385\" srcset=\"https:\/\/www.icmarkets.com\/blog\/wp-content\/uploads\/2024\/12\/Aussie-Hourly-3.png 965w, https:\/\/www.icmarkets.com\/blog\/wp-content\/uploads\/2024\/12\/Aussie-Hourly-3-300x126.png 300w, https:\/\/www.icmarkets.com\/blog\/wp-content\/uploads\/2024\/12\/Aussie-Hourly-3-768x322.png 768w\" sizes=\"(max-width: 965px) 100vw, 965px\" \/><\/a><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Aussie dollar traders are gearing up for a busy session today, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":73386,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[462],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/73384"}],"collection":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/comments?post=73384"}],"version-history":[{"count":1,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/73384\/revisions"}],"predecessor-version":[{"id":73387,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/73384\/revisions\/73387"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media\/73386"}],"wp:attachment":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media?parent=73384"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=73384"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=73384"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}