AUD/USD analysis: Chinese trade balance data to set the tone

Valeria Bednarik FXStreet

AUD/USD Current price: 0.7407

China expected to inform solid imports and exports growth in June.
AUD/USD to recover further only on a steady advance above 0.7440/50 resistance area.

The Aussie bounced alongside with equities and base metals, with the AUD/USD pair finishing the day a couple of pips above the 0.7400 figure. However, the advance in the pair has been quite shallow, similar to gold's one, as the commodity remains below $1,250.00 a troy ounce, a sign that bullish interest is still scarce. China will release multiple macroeconomic data during the upcoming Asian session, including money figures and the June Trade Balance. Imports and exports in dollar terms are expected to have decreased from the previous month, but sill print solid 20.8% and 10% increases respectively. Australia won't release any relevant data this Friday. Technically, the 4 hours chart shows that the price settled above a horizontal 100 SMA, but below a bearish 20 SMA, while technical indicators recovered some ground within negative levels, but with the RSI losing upward strength, currently flat at 48, limiting chances of a steeper recovery, at least as long as the pair remains below 0.7440/50, the immediate resistance area.

Support levels: 0.7370 0.7340 0.7310

Resistance levels: 0.7445 0.7490 0.7525

View Live Chart for the AUD/USD

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

EUR/USD flat lines around 1.1900; looks to US NFP report for fresh directional impetus

The EUR/USD pair is seen oscillating in a narrow trading band around the 1.1900 mark during the Asian session on Wednesday as traders opt to wait for the release of US monthly employment details before placing fresh directional bets.

GBP/USD slips back to daily lows near 1.3640

GBP/USD drops to daily lows near 1.3640 as sellers push harder and the Greenback extends its rebound in the latter part of Tuesday’s session. Looking ahead, the combination of key US releases, including NFP and CPI, alongside important UK data, should keep the pound firmly in focus over the coming days.

Gold awaits US Nonfarm Payrolls data for a sustained upside

Gold remains capped below $5,100 early Wednesday, gathering pace for the US labor data. The US Dollar licks its wounds amid persistent Japanese Yen strength and potential downside risks to the US jobs report. Gold holds above $5,000 amid bullish daily RSI, with eyes on 61.8% Fibo resistance at $5,141.

Ethereum: Whales buy the dip amid rising short bets

Following one of Ethereum's largest weekly drawdowns, whales are slowly returning to action alongside a drop in retail selling pressure. After slightly selling into the decline at the start of the month, whales or wallets with a balance of 10K-100K ETH began buying the dip last Wednesday as prices crashed further.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.