AUD/USD: a bullish close in a January reversal

By FXStreet FXStreet (Guatemala) – AUD/USD remains in a bullish phase in the reversal of the 2016 downtrend and now approaches the 55 dma at 0.7140 having scored a session high overnight of 0.7129.

The price has since fallen back below the 0.71 handle and is moving in a sideways drift back along the 1hr 20 sma while oil and copper take a respite in their own reversals on the charts.

The main event in the US was the durable goods orders missing on a very large scale, with -5.1% vs -0.6% expected and -0.5% prior, however, ex transportation the number arrived at -1.2% vs -0.1% These do not bode well for tomorrow’s first estimate of US Q4 GDP.

GDP Q4 next main event for AUD/USD, and can be watched live here with FXStreet

GDP forecast and potentially 2 2016 hikes from Fed

Rob Carnell, analyst at ING explained however, “We will take a long hard look at our slightly-above-consensus 1.3%QoQ (saar) forecast for tomorrow’s GDP data. In particular, to see if we have a weak enough business investment figure. There is a good chance that we will trim that GDP forecast closer to the existing consensus (0.9%) though that will already be …read more

Source:: FX Street