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Technical analysis

Australian dollar declines sharply after weak GDP numbers

OctaFx | Mar. 6, 2019
Australian dollar declines sharply after weak GDP numbers

The Australian dollar declined sharply after the country released the GDP numbers. The AUDUSD pair declined to a low of 0.7030, which was the lowest level since the first week of January.

March 6, OctaFX – The AUDUSD pair declined sharply today after the country released the Q4 GDP numbers. The numbers showed that the economy rose at an annualized rate of 2.3%, which was lower than the expected 2.5%.

Previously, the economy had grown by 2.8%. on a MoM basis, the economy expanded by just 0.2%, which was lower than the expected 0.5%. The main reason for this slowdown was the reduction of capital expenditure, which decreased by -1.0%. These numbers came a day after the RBA left interest rates unchanged. They also came a month after the RBA lowered the full-year guidance of the economy.

AUDUSD technical analysis: Will the pair continue moving lower?

On the four-hour chart, the price is along the lower line of the Bollinger Bands, while the RSI has continued to decline.

The momentum indicator has dropped below the 100 mark. There is a likelihood that the pair will continue moving lower today but this could change depending on the jobs numbers and the Fed’s beige book.

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.