AUSTRALIA DATA: Q3 GDP Below Consensus, In Line With RBA Projections

• MNI: AUSTRALIA SEP BUILDING APPROVALS +12% M/M, +15.3% Y/Y

• MNI: AUSTRALIA OCT DWELLING APPROVALS +12% M/M
• MNI: AUSTRALIA OCT DWELLING APPROVALS +15.3% Y/Y

US equities chopped around sideways on Friday unable to push higher after much better than expected results from both Amazon and Apple. This morning has seen stocks open the week higher, E-minis(S&P) +0.30%, NQZ5 +0.35%. The AUD is looking to consolidate some of its recent gains in the crosses as it looks to build on its recent outperformance.

• EUR/AUD - Friday night range 1.7599 - 1.7699, Asia is currently trading around 1.7615. The pair topped out again around 1.7700 and is once again testing the support in the 1.75-1.76 area. I suspect rallies toward 1.7700/1.7800 would now be faded but a break under the 1.7500 area is needed to signal a potential deeper pullback toward the 1.7000 area.
• GBP/AUD - Friday night range 2.0022 - 2.0108, Asia is trading around 2.0070. The pair has found some support around 2.0000 after breaking through its support around 2.0300. I suspect rallies will now be met with supply as the market will look to test the support in the 198-200 area where I think we should find some demand initially. 
• AUD/JPY - Friday night 100.66 - 100.98, Asia is trading around 100.90. The pair is consolidating around 101.00 at the moment as it looks to build on its recent move back above 100.00. Suspect dips will continue to be supported for now with the first target 102.50 and then beyond.
• AUD/NZD -  Friday night range 1.1426 - 1.1442, the cross is dealing in Asia around 1.1440. The Cross has bounced hard after finding solid demand back toward 1.1300. This 1.1400/1.1500 area remains tough resistance but the price action suggests the market wants to test it. Above 1.15/16 and the markets focus will start to turn toward 1.2000 and beyond.

Fig 1: EUR/AUD spot 2H Chart

Source: MNI - Market News/Bloomberg Finance L.P