Forex
AUD/USD Surges on Stronger-Than-Expected GDP Data
The Australian Dollar gained strength against the US Dollar after better-than-expected second-quarter GDP data for Australia was released. The AUD/USD pair's price rose to $0.7211, with a gain of 0.14%.
The positive momentum is supported by the currency trading above its 20-day, 50-day, and 200-day moving averages. However, broader gains are kept in check by revived US Dollar strength driven by higher US Treasury yields and rising crude oil prices.
AUD/USD trades with short-term bullish momentum, but the longer-term trend remains bearish. Key resistance is identified at $0.7248, while support rests at $0.7203. Technical indicators confirm bullish conditions, including a strong buy signal from the MACD and a bullish bias from the RSI.