AUD/USD: Rebound in Aussie exports fails to lift the AUD

AUD/USD fails to draw bids despite a rebound in Aussie exports.
Exports rose 2.4%, while imports increased by 1%.
Australia's Retail Sales growth for June has been revised higher to 2.7%.
Trade surplus missed expectations by a big margin.

Omkar Godbole FXStreet Contributor

AUD/USD continues to trade in the red near 0.7115 despite the rebound in Australia’s exports.

Outbound shipments or exports rose 3% in June following May’s 4% contraction. In addition, consumer spending, as represented by seasonally adjusted retail sales rose 2.7% month-on-month in June, beating the preliminary forecast of 2.4%.

Even so, the AUD is struggling to draw bids. That’s probably because trade surplus rose only slightly to AUD 8,202 million from AUD 8,025 million, missing the forecast of AUD 8,800 million by a big margin. Take note that imports rose 1% following May’s 6% contraction.

Also, the sell-off in the American dollar has stalled with sentiment reaching bearish extremes. The upbeat print of ISM Manufacturing PMI released Monday may be helping the US dollar stay bid and keep the AUD/USD under pressure.

Looking ahead, all eyes will be on the Reserve Bank of Australia’s monetary policy decision and Statement of Monetary Policy (SoMP). The RBA is likely to maintain the status quo on Tuesday and reiterate the willingness to do more if required. Traders would watch out for comments on the exchange rate. The AUD/USD pair has rallied by over 1,700 pips in the last 4.5 months. So far, however, the central bank has refrained from aggressively talking down the Aussie dollar.

Technical levels

AUD/USD

Overview
Today last price	0.7118
Today Daily Change	-0.0005
Today Daily Change %	-0.07
Today daily open	0.7123

Trends
Daily SMA20	0.7059
Daily SMA50	0.6947
Daily SMA100	0.6621
Daily SMA200	0.67

Levels
Previous Daily High	0.715
Previous Daily Low	0.7076
Previous Weekly High	0.7228
Previous Weekly Low	0.7087
Previous Monthly High	0.7228
Previous Monthly Low	0.6876
Daily Fibonacci 38.2%	0.7104
Daily Fibonacci 61.8%	0.7122
Daily Pivot Point S1	0.7082
Daily Pivot Point S2	0.7042
Daily Pivot Point S3	0.7008
Daily Pivot Point R1	0.7157
Daily Pivot Point R2	0.7191
Daily Pivot Point R3	0.7231

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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