Australian Trade Balance higher than expected, A$10.495Bln vs. estimated A$9Bln, AUD/USD steady
The Aussie Trade Balance released by the Australian Bureau of Statistics has been released as follows:
Australia Trade Balance April: 10.495Bln (estimated A$9Bln, previous A$9.314Bln).
Exports (MoM) April: 1% (estimated 1%, prev 0%).
Imports (MoM) April: -1% (estimated 1%, prev -5%).
AUD/USD update
AUD/USD is steady on the release.
Wednesday's doji is a bearish factor but the retest of the 38.2% could encourage the bulls. If they move in at a discount and break resistance, a full-on mitigation of the price imbalance between the highs of the doji to towards the My 5 highs of 0.7266 could be on the cards.
On the flip side, if the bulls throw in the towel, a deeper correction to the support area below would be likely ahead of US Nonfarm Payrolls on Friday.
About Aussie Trade Balance
The trade balance released by the Australian Bureau of Statistics is the difference in the value of its imports and exports of Australian goods. Export data can give an important reflection of Australian growth, while imports provide an indication of domestic demand. Trade Balance gives an early indication of the net export performance. If a steady demand in exchange for Australian exports is seen, that would turn into a positive growth in the trade balance, and that should be positive for the AUD.
Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
