AUD/USD keeps losses despite big beat on Australian trade surplus

AUD/USD continues to trade in the red despite the upbeat Aussie trade data.
Australia's trade surplus widened to A$7,180 in September.
The US dollar continues to draw bids on trade optimism.

Omkar Godbole FXStreet Contributor

AUD/USD is struggling to pick up a strong bid despite a better-than-expected Australian trade data.

The country's trade surplus widened to A$7,180 million in September, beating the expected print of A$5,000 million by a big margin. The trade surplus stood at A$5,926 million in August.

Exports or outbound shipments rose 3% in September, having dropped by 3% in August. Meanwhile, Imports or inbound shipments also registered a growth of 3%. The uptick in imports could be considered a sign the domestic demand is holding up well following Reserve Bank of Australia's multiple rate cuts. Also, the rise in exports is good news.

Even so, the Aussie dollar is not impressed. The AUD/USD pair continues to trade in the red near 0.6877. An 8-pip bounce seen immediately after the data release was short-lived.

The currency pair may drop further as the American Dollar is attracting bids on the easing of US-China trade tensions. Reuters said the phase-one of the trade deal could be signed in December while Fox Business News quoted Chinese trade source as saying the US will not increase tariffs on Chinese goods scheduled to take place from December 15.

On the data front, weekly reading of the US Initial Jobless Claims and speech from the President and CEO of the Federal Reserve Bank of Dallas, Robert Kaplan, will be observed closely.

Technical levels

AUD/USD

Overview
Today last price	0.6879
Today Daily Change	-0.0004
Today Daily Change %	-0.06
Today daily open	0.6883

Trends
Daily SMA20	0.684
Daily SMA50	0.6807
Daily SMA100	0.685
Daily SMA200	0.6951

Levels
Previous Daily High	0.6908
Previous Daily Low	0.6868
Previous Weekly High	0.693
Previous Weekly Low	0.681
Previous Monthly High	0.693
Previous Monthly Low	0.667
Daily Fibonacci 38.2%	0.6883
Daily Fibonacci 61.8%	0.6893
Daily Pivot Point S1	0.6864
Daily Pivot Point S2	0.6846
Daily Pivot Point S3	0.6824
Daily Pivot Point R1	0.6904
Daily Pivot Point R2	0.6926
Daily Pivot Point R3	0.6944

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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