Will GDP give positive support for Aussie dollar?

The major stock markets in Asia were trading mixed on Tuesday because of the trade concern. However, investor keeps focusing G7 meeting ending in this week. The reducing crude oil inventories in the United State at 21.30 p.m. may support Brent hold above 75 USD and may rise above 76 USD, if U.S. crude oil stock decrease lower 2.5 million barrels.
Australian dollar rose above 0.765 U.S. dollar on Monday but it fell lower a little bit on Tuesday. In my opinion, AUD/USD maybe able to rise to 0.7700, if Aussie dollar get good support from first quarter GDP in Australia at 08.30 a.m. which predicts higher. According to the good trade balance of the first quarter in Australia, GDP may reach forecast at 0.9% and AUD may rise above 0.765 again. While U.S. dollar held steady above 1.2900 Canadian dollars on Tuesday. USD/CAD may retest the resistant line at 1.300 points, if Ivey PMI in Canada in May at 21.00 p.m. won’t reach 69.7 as expected.
According to the SEC, Szczepanik – who led its distributed ledger working group, as previously reported – will "coordinate efforts across all SEC Divisions and Offices regarding the application of U.S. securities laws to emerging digital asset technologies and innovations, including initial coin offerings and cryptocurrencies" so Valerie Szczepanik will serve as associate director of the Division of Corporation Finance and senior advisor for digital assets and innovation. While Bitcoin and the most altcoin are moving in bearish trend.

By Niramon Nitnitiphruet
Financial analyst, Olymp Trade.

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