Global macro overview for 03/12/2015:
The better-than-expected news about the Australian economy was revealed yesterday. The Australian GDP posted a strong gain of 0.9% in the third quarter, beating the estimate of 0.7%. Earlier in the week, the Reserve Bank of Australia held interest rates at 2.00%, and the RBA statement had an optimistic tone in regard to the economy. Moreover, the RBA affirmed they will cut the rates only if the economy gets worse.
The AUD/USD pair has broken above the golden trend line and now is trying to test the technical resistance at the level of 0.7384. The next support is seen at the level of 0.7282.