AUD/USD Current Price: 0.7125
- The Australian Trade Balance posted a surplus of 5114M in September.
- RBA Meeting’s minutes hinting an upcoming rate cat put a cap to the AUD.
- AUD/USD neutral in the near-term, better chances of advancing if above 0.7210.
The AUD/USD pair is ending the first day of the week as it started it around 0.7130, reverting an early slide to 0.7102. The Aussie was underpinned by an upbeat September Trade Balance, as the trade surplus surged to 5114 M according to preliminary estimates. Imports decreased 1% in the month, amid supply disruptions due to the coronavirus, while exports were up 3%. The pair recovered, despite the sour tone of US equities, in part helped by steady gold prices, as the bright metal held above $1,900.00 a troy ounce. Australia won’t release macroeconomic data this Tuesday, although a couple of policymakers will offer speeches in separate events.
AUD/USD short-term technical outlook
The AUD/USD pair is neutral in the near term, as the 4-hour chart shows that technical indicators hold within positive levels with modest bullish slopes. At the same time, however, the pair battles with its 20 SMA but stands below the 100 and 200 SMA. Chances of additional gains are not only conditioned to dollar’s weakness, but also to the latest RBA Meeting’s Minutes, which hinted at an upcoming rate cut, spooking bulls.
Support levels: 0.7110 0.7065 0.7020
Resistance levels: 0.7170 0.7210 0.7260
View Live Chart for the AUD/USD
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.