AUD/JPY remains on the offer after dismal Aussie trade data


  • AUD/JPY keeps losses after key data releases in Australia and China. 
  • Australia's trade surplus narrowed more than expected in July. 
  • China's Caixin Services PMI for August bettered estimates by a big margin. 

AUD/JPY is trading in the red near 77.80 following the release of Australia's trade data and China's service sector data. The pair, however, has trimmed losses. 

Australia's trade balance declined to A$ 4,607 million in July versus expectations for A$ 5,400 million and down from June's surplus of A$8,202 million. Outbound shipments or export fell by 4% in July, following June's 3% rise. Meanwhile, imports increased by 7% in July following June's 1% rise. The data comes a day after Australia reported a 7% contraction in the second quarter – the biggest fall since records began in 1959. 

While Aussie data missed estimates, China's Caixin Services PMI for August came in at 54.00, bettering estimates for a decline to 50 from July's 54.1 reading by a big margin. The upbeat PMI looks to be helping the AUD avoid deeper losses. The pair shed few pips to hit a low of 77.64 after the dismal Aussie data, only to recover to levels near 77.80 on the back of positive China data. 

Looking forward, a continued recovery in the US dollar could play spoilsport. That's because the safe-haven greenback fell by 10% in the past 5.5-months, as stocks rallied. As such, the rebound in the greenback could weigh over the risk sentiment and strengthen the bid tone around the anti-risk yen. Interestingly, the futures on the S&P 500 are currently down nearly 0.20% on the day. Also, tensions between China and the US could again come to the forefront, courtest of Washington's latest decision to put several restrictions over Chinese diplomats' in the US. 

Technical levels

AUD/JPY

Overview
Today last price 77.78
Today Daily Change -0.20
Today Daily Change % -0.26
Today daily open 77.92
 
Trends
Daily SMA20 76.63
Daily SMA50 75.64
Daily SMA100 73.44
Daily SMA200 72.75
 
Levels
Previous Daily High 78.17
Previous Daily Low 77.54
Previous Weekly High 77.96
Previous Weekly Low 75.67
Previous Monthly High 78.46
Previous Monthly Low 75.1
Daily Fibonacci 38.2% 77.78
Daily Fibonacci 61.8% 77.93
Daily Pivot Point S1 77.58
Daily Pivot Point S2 77.24
Daily Pivot Point S3 76.95
Daily Pivot Point R1 78.22
Daily Pivot Point R2 78.51
Daily Pivot Point R3 78.85

 

 

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.

Feed news

Are you new to trading or have been trading for a while and you feel stuck?

Try with us!
Become Premium!
   

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD skyrockets to 1.2150 on poor US jobs figures

EUR/USD has hit a new multi-month peak above 1.2150 after the US reported an increase of only 266,000 jobs in April against nearly one million expected. The dollar is under immense pressure. 

EUR/USD News

GBP/USD soars toward 1.40 after disappointing Nonfarm Payrolls

GBP/USD has been extending its gains after the US Nonfarm Payrolls badly disappointed with an increase of only 266,000 jobs in April, nearing 1.40. Earlier, sterling benefited from the UK Conservative Party's gains in local elections. 

GBP/USD News

XAU/USD soars above $1,835 after weak Nonfarm Payrolls

Gold has leaped above $1,835 after the US reported an increase of only 266K jobs in April, far below expectations. Lower US yields support the precious metal.

Gold News

Judge reaffirms order SEC must produce documents on Bitcoin, Ether and XRP in Ripple case

Ripple's victory granted the firm access to the SEC's documents on the three leading cryptocurrencies. The regulatory agency recently denied the possession of these documents.

More Dogecoin News

S&P 500 and Nasdaq: Can the Fed pump anymore after weak jobs report

Well, that was an interesting jobs report. Not too many people were forecasting that one. Just in case you missed it NFP were forecast to come in around the 1 million jobs gained but instead the US only added 266k.

Read more

Forex MAJORS

Cryptocurrencies

Signatures