AUD/USD: consolidates RBA sell-off and awaits GDP

Currently, AUD/USD is trading at 0.7453, down -0.24% on the day, having posted a daily high at 0.7485 and low at 0.7431.

AUD/USD remains consolidated on the 0.74 handle and now awaits the FOMC next week as next major catalyst after today's third quarter GDP from Australia - the market is expecting a contraction in GDP growth in the third quarter (-0.1%q/q versus 0.5% in the June quarter).

AUD/USD has been testing and failing at the key resistance at $0.7489 (Fibonacci 38.2% on November debasement) and the RBA resulted in a sell-off last night after it left its cash rate target unchanged at the record low of 1.50%. The central bank's governor, Philip Lowe accompanying statement had some new wording that explained that even though the unemployment rate has improved this year, "labour market indicators continue to be mixed" while part-time unemployment remains significant.

AUD/USD levels

Current price is 0.7453, with resistance ahead at 0.7462 (Daily Classic PP), 0.7472 (Daily Open), 0.7478 (Daily 20 SMA), 0.7483 (Weekly High) and 0.7485 (Daily High). Next support to the downside can be found at 0.7453 (Hourly 20 EMA), 0.7440 (Weekly Classic PP), 0.7439 (Hourly 200 SMA), 0.7431 (Daily Low) and 0.7428 (Hourly 100 SMA).