Aussie Trade Balance: Misses estimates and AUD/USD is under modest pressure
|The Australian Trade Balance data for March arrived at AUD 5574m in surplus but misses estimates as follows:
Australia Trade Balance (Mar):A$5574Mln(est A$8200Mln, prevR A$7595Mln).
Exports (MoM) Mar: -2% (est 4%, prev -1%).
Imports (MoM) Mar: 4% (est 8%, prev 5%).
The Aussie is pressured slightly in this holiday trade.
AUD/USD technical analysis
The bulls have been enjoying a bout of USD weakness and stranger iron at the start of the week which has taken the price up to test a wall of resistance which could lead to a bullish extension if the confluence structure gives out.
About the Trade Balance
The trade balance released by the Australian Bureau of Statistics is the difference in the value of its imports and exports of Australian goods. Export data can give an important reflection of Australian growth, while imports provide an indication of domestic demand. Trade Balance gives an early indication of the net export performance. If a steady demand in exchange for Australian exports is seen, that would turn into a positive growth in the trade balance, and that should be positive for the AUD.
Review Alex Nekritin's Article - Trading the Aussie with Australia Trade Balance
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