AUD/USD: Australian GDP report (1 June 04:30 GMT +3)

Unexpectedly for many market participants, the representatives of Bank of Australia decided to cut the interest rate in the beginning of May for 25 basis points (from 2.00% to 1.75%) and it had a negative impact on Australian Dollar. Now traders are paying extra attention on any economic data coming from down under, and any weak data will have a massive negative effect on AUD.

Australian GDP report will be a key economic news of Pacific region this week:

It is expected that Year-over-Year GDP will decrease a little bit and most likely it will have a negative impact on Australian dollar.

Besides GDP report, Retail Sales and Trade Balance data will be published this week as well:

AUDUSD chart:

There is a downward rate movement on AUDUSD D1 chart, but the trend is slowing down (highlighted with the lines of resistance on the price chart) and also according to the indicator of technical analysis “Stochastic” the value got back to the neutral area. Now a short upward correction is expected and after that a further downward trend might continue.

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