AUD/USD is attempting gains above 100-day EMA after China trade data release
|- AUD/USD is mildy bid above the 100-day EMA, having added 10 pips after China trade data release.
- The AUD's 4 percent recovery rally may fall apart if trade tensions between the US and China escalate.
The AUD/USD jumped 10 pips to a session high of 0.7280 after China data showed the trade surplus widened to CNY 233.63 billion in October from the previous month's print of CNY 213.23 billion.
The CNY-denominated exports rose 20.1 percent year-on-year, bettering the estimate of 12 percent. Meanwhile, imports surged 26.3 percent, beating the estimate of 14 percent.
In US dollar terms, the trade surplus widened to $34.01 billion from $31.70 billion, but narrowly missed the forecasted figure of $35.00 billion.
The sharp rise in exports may have put a bid under the Aussie dollar. However, a convincing break above 0.73 may remain elusive if the details reveal a drop in the imports of iron ore and copper and a surge in China's surplus with the US.
AUD/USD Technical Levels
AUD/USD
Overview:
Last Price: 0.7277
Daily change: -1.0 pips
Daily change: -0.0137%
Daily Open: 0.7278
Trends:
Daily SMA20: 0.7129
Daily SMA50: 0.716
Daily SMA100: 0.7267
Daily SMA200: 0.7478
Levels:
Daily High: 0.7302
Daily Low: 0.7213
Weekly High: 0.726
Weekly Low: 0.705
Monthly High: 0.724
Monthly Low: 0.702
Daily Fibonacci 38.2%: 0.7268
Daily Fibonacci 61.8%: 0.7247
Daily Pivot Point S1: 0.7227
Daily Pivot Point S2: 0.7175
Daily Pivot Point S3: 0.7138
Daily Pivot Point R1: 0.7316
Daily Pivot Point R2: 0.7354
Daily Pivot Point R3: 0.7405
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.