AUD/USD keeps gains despite weak China trade data

Omkar Godbole FXStreet Contributor

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: steady-Eddy on RBA's FSR dovish release

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
Updated Oct 13, 02:00 GMT

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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