AUD/USD looking to springboard from 0.7200 heading into China trade numbers

Aussie opening the week on the hopeful side, remaining bid near 0.7200.
China trade data to kick off the new trading week.

Joshua Gibson FXStreet

AUD/USD opens the new week pinned to the 0.7200 handle as Pacific traders look to Chinese trade data to help bolster the Aussie further as forex markets head into an event-heavy week.

The week's action starts off early with Chinese Trade Balance figures due early in Monday's Pacific-Asia market window, though market volumes will be constrained with Japanese markets dark in observance of Coming-of-Age Day, but Antipodeans will be looking for a fresh push from Chinese numbers.

Chinese Imports for the annualized period into December are expected to rise from 3% to 5%, with Exports expected to decline to 3.0% from 5.4%, and the new Trade Balance for December is forecast at $51.53 billion versus the last reading of $44.71 billion.

AUD/USD Technical Levels

AUD/USD

Overview:
    Today Last Price: 0.7208
    Today Daily change: 4.0 pips
    Today Daily change %: 0.0555%
    Today Daily Open: 0.7204
Trends:
    Previous Daily SMA20: 0.7096
    Previous Daily SMA50: 0.7188
    Previous Daily SMA100: 0.7177
    Previous Daily SMA200: 0.7331
Levels:
    Previous Daily High: 0.7236
    Previous Daily Low: 0.7175
    Previous Weekly High: 0.7236
    Previous Weekly Low: 0.7089
    Previous Monthly High: 0.7394
    Previous Monthly Low: 0.7014
    Previous Daily Fibonacci 38.2%: 0.7213
    Previous Daily Fibonacci 61.8%: 0.7198
    Previous Daily Pivot Point S1: 0.7174
    Previous Daily Pivot Point S2: 0.7144
    Previous Daily Pivot Point S3: 0.7113
    Previous Daily Pivot Point R1: 0.7235
    Previous Daily Pivot Point R2: 0.7266
    Previous Daily Pivot Point R3: 0.7296

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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