AUD/USD Current price: 0.7914
- Australian TD Securities inflation gauge up next.
- AUD/USD up for a fifth consecutive week, but risk still skewed towards the upside.
The AUD/USD pair started the day with a soft tone, falling on Friday to a daily low of 0.7847 during Asian trading hours, as a result of mixed Chinese trade balance numbers, although dollar's broad-based weakness resulted in the pair soaring past 0.7900, ending the day at 0.7914, and up for a fifth consecutive week. Chinese trade surplus in dollar terms reached $54.69B in December, beating expectations of $37.0B, while exports rose 10.9%, also surpassing market's forecast, yet imports were a big miss, up just 4.5% from the previous 17% or the expected 13.0%. Lesser demand from China is never good news for Australia, which exports most of its goods to the neighbor country. Anyway, the pair resumed its advance after the market chose to get rid of the greenback. Early Monday, Australia will see the release of the December TD securities inflation report, while employment figures will be out early Thursday. The pair is at its highest since last September, when it topped at 0.8124, and now above the 6.8% retracement of the September/December decline at 0.7890, now the immediate support. In the daily chart, technical readings favor a continued advance, as technical indicators resumed their advances after a downward correction, still below December highs, which once broken, will confirm a stronger upward momentum. Shorter term, and according to the 4 hours chart, the 20 SMA turned aims marginally higher around 0.786, while technical indicators consolidate near overbought readings, supporting the bullish case without confirming it.
Support levels: 0.7890 0.7860 0.7830
Resistance levels: 0.7925 0.7950 7.7985
View Live Chart for the AUD/USD
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