Anyway, it is a positive session for AUD, boosted after Chinese trade data have shown that exports rose 11.6% and the trade surplus has widened during October. Domestic data was also solid, after Home Loans rose 0.9% in September, the biggest level since December 2011
Jane Foley at Rabobank comments “AUD net longs have risen for the third consecutive week as rate cut fears die back”, according to the last IMM Net Positioning report.
Regarding the Home Loans results, Adrian Foster at Rabobank argues “the improvement makes further interest rate cuts less likely with events in Europe a critical swing factor. If tensions re-escalate in European bond markets that would be a trigger for a further cut”.
At the moment, AUD/USD is up 0.29% at 1.0430 with the next hurdle waiting at 1.0435 (high Nov.9) followed by 1.0445 (high Nov.8) then 1.0480 (high Nov.7) and 1.0500 (psychological level).
On the other hand, a breakdown of 1.0365 (low Nov.6) would expose 1.0333 (low Nov.5) then 1.0331 (low Nov.2) and 1.0326 (low Oct.30).
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 securities. 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 Forex 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.