AUD/USD retains bid tone after China reports above-forecast exports


  • AUD/USD keeps gains as China's export growth beat estimates. 
  • The trade surplus widened to CNY 516.8 billion in December from November's CNY 507.1 billion.
  • The pair remains vulnerable to a rise in Treasury yields. 

AUD/USD continues to draw bids following the release of better-than-expected China exports data for December. 

Outbound shipments or Exports in yuan terms jumped 10.9% year-on-year in December, beating the projection of 7.1% growth by a big margin. Exports grew by 14.9% in November. Consecutive monthly increases in exports point to a recovery in global demand and are positive news for the AUD and risk assets in general. 

So far, however, the AUD/USD pair has failed to extend gains seen ahead of China data. The pair remains bid at session highs near 0.7750, representing a 0.27% rise on the day. 

The gains may be trimmed or erased if the stock markets in Asia and other parts drop in response to China's dismal imports, a gauge of domestic demand. Inbound shipments or imports fell by 0.2% in December following November's 0.8% contraction. 

Bearish pressure may also stem from a renewed rise in Treasury yields if any. That possibility cannot be ruled out, as the US President-elect is expected to announce an additional fiscal package on Thursday. The US 10-year yield is currently hovering near 1.08%, having hit a 10-month high of 1.18% earlier this week. 

Technical levels

AUD/USD

Overview
Today last price 0.7751
Today Daily Change 0.0014
Today Daily Change % 0.18
Today daily open 0.7737
 
Trends
Daily SMA20 0.7668
Daily SMA50 0.749
Daily SMA100 0.7336
Daily SMA200 0.7078
 
Levels
Previous Daily High 0.7782
Previous Daily Low 0.7722
Previous Weekly High 0.782
Previous Weekly Low 0.7642
Previous Monthly High 0.7743
Previous Monthly Low 0.7338
Daily Fibonacci 38.2% 0.7745
Daily Fibonacci 61.8% 0.7759
Daily Pivot Point S1 0.7712
Daily Pivot Point S2 0.7686
Daily Pivot Point S3 0.7651
Daily Pivot Point R1 0.7772
Daily Pivot Point R2 0.7807
Daily Pivot Point R3 0.7833

 

 

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