- 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
Today Last Price: 0.7185
Today Daily change: -19 pips
Today Daily change %: -0.264%
Today Daily Open: 0.7204
Previous Daily SMA20: 0.7096
Previous Daily SMA50: 0.7188
Previous Daily SMA100: 0.7177
Previous Daily SMA200: 0.7331
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
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