AUD/ USD Price Analysis

AUD/ USD Price Analysis: Daily support expected to absorb supply if data disappoints

AUD/USD could be pressured on a disappointment in GDP and Chinese data.

China to report Caixin Manufacturing PMI( Aug) later today.

Daily support structures are expected to absorb pressures.

Australia Q2 national accounts are coming up.

Gross Domestic Product is expected to have grown by only 0.5%, but analysts at Westpac are seeing this lower at 0.1%.

''To the revised view, risks appear tilted to the downside.''

''The updated median forecast on Bloomberg is 0.4%qtr, 9.1%yr (as the Q2 20 slump drops out), with a wide range of +0.1% (was -0.1%) to +1.2%qtr,'' they note.

In any case, there appears to be enough support on the charts to soak up any supply that may result from the data, as illustrated below:

The data could see the Aussie wobble, but in a weak USD environment, the bulls could well move in at a discount and protect the daily trendline support near 0.7280.

From an hourly perspective, the trendline support could come under pressure nut the daily horizontal support will be the next challenge: