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.

Omkar Godbole FXStreet Contributor

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.

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