- AUD/USD drops to 0.7398 after rejection at 0.7420.
- Australia's trade surplus rose more-than-expected in October.
- The AUD bulls ignore the upbeat data, take a breather.
The Aussie dollar isn't getting any lift from the upbeat Aussie data released an hour ago. The AUD/USD pair is currently trading in the red near 0.7403, having printed a low of 0.7398 soon before press time.
Australia's trade surplus rises
Australia's exports rose 5.4% month-on-month in October, following September's 6% rise. Meanwhile, domestic demand, as represented by imports, increased just 0.6% following September's 6.5% contraction.
The trade surplus rose to AUD 7,456 million from AUD 4,840 million, beating the expected rise to AUD 5,800 million. A widening of trade surplus is positive for the domestic currency.
However, the data released at 00:30 GMT has failed to draw bids for the Aussie dollar.
The currency looks to be taking a breather, having rallied by over 400 pips from 0.6991 to 0.7420 in the past month. The currency pair closed above 0.74 on Wednesday – the first close above the psychological hurdle since Aug. 8, 2018.
The factors responsible for the recent sell-off in the dollar, such as twin US deficits, expectations for additional US fiscal stimulus, and hopes for swift global economic recovery on potential coronavirus vaccines, could continue to keep the AUD better bid heading into the year-end. Should the equity markets correct, the US dollar will likely pick up a bid, pushing AUD/USD lower.
|Today last price||0.7401|
|Today Daily Change||-0.0004|
|Today Daily Change %||-0.05|
|Today daily open||0.7405|
|Previous Daily High||0.741|
|Previous Daily Low||0.735|
|Previous Weekly High||0.7399|
|Previous Weekly Low||0.7264|
|Previous Monthly High||0.7438|
|Previous Monthly Low||0.699|
|Daily Fibonacci 38.2%||0.7387|
|Daily Fibonacci 61.8%||0.7373|
|Daily Pivot Point S1||0.7367|
|Daily Pivot Point S2||0.7329|
|Daily Pivot Point S3||0.7308|
|Daily Pivot Point R1||0.7427|
|Daily Pivot Point R2||0.7448|
|Daily Pivot Point R3||0.7486|
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