AUD/USD keeps gains despite weak China trade data

AUD/USD remains bid around 0.7830 despite a drop in the Chinese trade surplus in September.

Trade data - A big miss on expectations

China's trade balance for Sept, in Yuan terms, came in at CNY+193.00 bn vs +266.05 bn expected and +286.50 bn last.  Exports came at 9.0% y/y vs 10.9% expected, while imports rose 19.5% y/y vs 16.5% expected 

China customs, while commenting on the trade figures, said "the Q4 trade still faces unstable, uncertain factors."

Aussie still remains on the front foot, reportedly due to big beat on imports figure. However, the gains could be erased if the details reveal a drop in imports of industrial metals.

AUD/USD Technical Outlook

FXStreet Chief Analyst Valeria Bednarik writes, "the short term picture presents a modest bullish stance, as the price kept held near the mentioned daily high at the end of the day, having advanced above a bullish 20 SMA, and with technical indicators aiming higher within positive territory, after a modest downward correction. Beyond the mentioned daily high the pair has scope to extend towards the 0.7900 region where selling interest will likely reject any potential advance.

  TREND INDEX OB/OS INDEX VOLATILY INDEX
15M Bullish Neutral High
1H Bullish Neutral Shrinking
4H Bullish Neutral High
1D Bullish Neutral Shrinking
1W Bearish Neutral Expanding

 

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 securities. 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 Forex 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.