Key Highlights
- AUD/USD gained traction above the 0.6700 resistance zone.
- A connecting bullish trend line is forming with support near 0.6745 on the 4-hour chart.
- EUR/USD and GBP/USD are consolidating above key support zones.
- The US GDP could grow 5.2% in Q3 2023.
AUD/USD Technical Analysis
The Aussie Dollar started a steady increase above the 0.6620 level against the US Dollar. AUD/USD broke many hurdles near 0.6650 and 0.6700 to enter a positive zone.
Looking at the 4-hour chart, the pair settled above the 0.6700 level, the 100 simple moving average (red, 4 hours), and the 200 simple moving average (green, 4 hours).
Finally, there was a tiny bearish reaction near the 0.6775 level. The pair seems to be consolidating gains ahead of the US GDP release. There is also a connecting bullish trend line forming with support near 0.6745 on the same chart.
The next major support is 0.6690, below which the pair might decline and test the 100 simple moving average (red, 4 hours) at 0.6630.
On the upside, immediate resistance is near the 0.6775 level. The next key resistance is near the 0.6800 level. A close above the 0.6800 zone could open the doors for more upsides. The next stop for the bulls might be 0.6880.
Looking at EUR/USD, the pair struggled to clear the 1.1000 resistance and seems to be consolidating gains above 1.0860.
Economic Releases
- US Initial Jobless Claims – Forecast 215K, versus 202K previous.
- US Gross Domestic Product for Q3 2023 (Preliminary) – Forecast 5.2% versus previous 5.2%.
