Today AUD/USD has showed a good amount of bullish pressure as the Australian GDP report came out better than expected at 0.3% versus the expected reading of 0.2%. The Australian GDP report has high impact on the currency as it is one of the widest measure of the economic activity and the primary gauge of economic health. Moreover, the AIG Construction index also showed a significant rise to 56.7 which previously was at 51.9. The United States will unveil the crude oil inventories report which is expected to show less deficit at -3.1M which previously was at -6.4M. This report may bring volatility in this pair upon release. To sum up, the positive GDP news on AUD is expected to gain further against USD in the coming days.
Now let us look at the technical view. The price is currently residing inside the resistance area of 0.7500-50 and as of positive Australian GDP news today it is expected that price will climb further up towards 0.7750 resistance level in the future. A daily close today above 0.7550 will confirm the upward move towards 0.7750. The pair is in bullish bias until the price takes out 0.7500 with a daily close below it.
