9.4 FPG Australian dollar trend analysis

AUDUSD H4

Yesterday, Australia released the current account for the second quarter, which mainly records the inflow and outflow of funds such as commodity labor import and export. The data was significantly lower than expected and has been lower than expected for two consecutive quarters. This has caused the market to lack confidence in the Australian dollar. The Australian dollar started to fall in early trading and continued to fall after the release of the US PMI data in the evening, which was lower than expected. The intraday decline was close to 1.3%. Today, the GDP data for the second quarter of Australia will be released at 11:30, which will show the economic situation of Australia. If the published value is better than expected, theoretically it will support the Australian dollar to rise; if the published value is lower than expected, it indicates that the Australian economy is not good, theoretically more people will lose confidence in the Australian dollar and sell it.

On the technical side, the australian dollar broke below the previous mentioned support of 0.675 yesterday, then continued to decline successively breaking through the key levels of 0.671 and 0.670. Bullish sentiment for the australian dollar has diminished, and the australian dollar may return to the previous range of 0.671-0.658. Pay attention to today's GDP data release in australia and the upcoming non-farm data release in the usa over the next two days.

Upper resistance levels are at 0.670, 0.671, and 0.673.

Lower support levels are at 0.668, 0.666, and 0.662.

# This recommendation is general in nature and does not take into account your specific financial situation and needs. Investing involves risks, so please make sure to evaluate carefully. #