AUD/USD is attempting gains above 100-day EMA after China trade data release
- AUD/USD is mildy bid above the 100-day EMA, having added 10 pips after China trade data release.
- The AUD's 4 percent recovery rally may fall apart if trade tensions between the US and China escalate.
The AUD/USD jumped 10 pips to a session high of 0.7280 after China data showed the trade surplus widened to CNY 233.63 billion in October from the previous month's print of CNY 213.23 billion.
The CNY-denominated exports rose 20.1 percent year-on-year, bettering the estimate of 12 percent. Meanwhile, imports surged 26.3 percent, beating the estimate of 14 percent.
In US dollar terms, the trade surplus widened to $34.01 billion from $31.70 billion, but narrowly missed the forecasted figure of $35.00 billion.
The sharp rise in exports may have put a bid under the Aussie dollar. However, a convincing break above 0.73 may remain elusive if the details reveal a drop in the imports of iron ore and copper and a surge in China's surplus with the US.
AUD/USD Technical Levels
AUD/USD
Overview:
Last Price: 0.7277
Daily change: -1.0 pips
Daily change: -0.0137%
Daily Open: 0.7278
Trends:
Daily SMA20: 0.7129
Daily SMA50: 0.716
Daily SMA100: 0.7267
Daily SMA200: 0.7478
Levels:
Daily High: 0.7302
Daily Low: 0.7213
Weekly High: 0.726
Weekly Low: 0.705
Monthly High: 0.724
Monthly Low: 0.702
Daily Fibonacci 38.2%: 0.7268
Daily Fibonacci 61.8%: 0.7247
Daily Pivot Point S1: 0.7227
Daily Pivot Point S2: 0.7175
Daily Pivot Point S3: 0.7138
Daily Pivot Point R1: 0.7316
Daily Pivot Point R2: 0.7354
Daily Pivot Point R3: 0.7405
Author
Omkar Godbole
FXStreet Contributor
Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.
