AUD/USD analysis: stuck at its daily lows, Chinese data ahead

Valeria Bednarik FXStreet

AUD/USD Current price: 0.7525

Chinese data to be a make it or break it for Aussie at this point.
AUD/USD bearish trend resumed, 0.7250 coming at sight.

The AUD/USD pair fell to 0.7514, its lowest in six months, as disappointing trade figures from Australia put the Aussie under pressure at the beginning of the day. According to the official figures, the trade surplus shrunk to $0.1bn, from $1.6bn in September. Imports in the month were 2% higher, while exports fell 3% with metal ores being the main negative on a dip in the iron ore price. Positive US employment-related data, as weekly unemployment claims fell to 236K, remaining below 300K for 144th consecutive week. During the upcoming Asian session, the country will release some housing figures, but the main motor for the pair will be no doubts China, as the country will release its November trade balance figures. The AUD/USD pair trades a few pips above the mentioned low, maintaining its bearish strength according to intraday technical readings, as in the 4 hours chart, the price remains well below a bearish 20 SMA, currently at 0.7580, while the Momentum indicator consolidates within oversold territory, as the RSI is also flat at 33. The main support is now the 0.7500 figure, with a break below it exposing 0.7450, and with a weekly close below it favoring a continued slide towards 0.7250, the next big static support.

Support levels: 0.7500 0.7450 0.7420

Resistance levels: 0.7570 0.7600 0.7640

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.

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