The data for today’s GDP number was mainly gathered earlier in the year, so before this current sentiment meltdown began. Don’t get too bullish on these numbers alone; the big moves today might have more to do with stop-loss hunts rather than any great sentiment shift. If tomorrow’s jobs data is also encouraging, then we can start to think about becoming believers.
AUD/JPY should now find solid support near 76.85/90 whilst AUD/USD has taken out its 21-day MA and should trade a maximum .9780/.9920 range for the next 24-hours.
