AUD/USD slips to 0.7180 on reaction as China trade balance misses the mark

  • Chinese trade data broadly missed the mark, sending Pacific currencies firmly lower.
  • A massive miss for Chinese Imports/Exports, showing far bigger contractions than forecasts expected.

AUD/USD has slipped from Monday's early highs near 0.7220 as Chinese Trade Balance figures came in broadly worse than expected, sending the Aussie down into 0.7185 as Antipodean traders reverse course to kick off the new week.

Seeing Imports declining -7.6% for the annualized period into December, with Exports falling -4.4% over the same period, leading to a Trade Balance that comes out to $57.06 billion (forecast $51.53 billion, last $44.71 billion. With little else on the docket for Monday, Chinese trade figures are likely to continue grinding market sentiment lower in the coming days.

AUD/USD Technical Analysis

AUD/USD

Overview:
    Today Last Price: 0.7185
    Today Daily change: -19 pips
    Today Daily change %: -0.264%
    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

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.