AUD/USD: drifting away from GDP highs, eyes on next catlysts

Currently, AUD/USD is trading at 0.7546, down -0.06% on the day, having posted a daily high at 0.7554 and low at 0.7543.

AUD/USD has been bid on the better-than-expected Australian Q1 GDP figures showing that the economy grew by 0.3% beat expectations of 0.2% while the annualised figure came in at 1.7%, also beating expectations of 1.5%. However, Q/Q, the data was below the previous 1.1% and profit taking ensued overnight. 

Forex today: US turns risk-on ahead of Super Thursday trio risk events 

AUD/USD has been drifting away from the 0.7566 high towards the 6th June highs now as a support. The session overnight was choppy ahead of major risk events coming up in European and US trade. The UK elections will fall across the Asian time frame and likely to cause further volatility.  For today, the April Trade Balance figures and Chinese trade data are the first catalysts. 

AUD/USD levels

From a technical point of view, the price is far above a bullish 20 SMA that crossed almost vertically above the 200 EMA, noted Valeria Bednarik, chief analyst at FXStreet. "Technical indicators are barely pulling back from overbought territory, not enough to confirm an interim top. Below 0.7490, the pair will likely lose its recently acquired strength, with scope then to approach back to the 0.7400 region. Beyond the mentioned daily high, on the other hand, the pair will likely rush to defy the 0.7600 threshold."