Key Points
- The Aussie dollar remained in an uptrend against the US Dollar for a move above 0.7650.
- There is a critical bullish trend line formed on the hourly chart of AUDUSD, which can be seen as a support area near 0.7650 if the pair moves down.
- Today in Australia, the trade balance was released by the Australian Bureau of Statistics.
- The outcome was better, as the trade deficit was -1,227M in Sep 2016, which was less than -1,700M.
AUDUSD Technical Analysis
The Aussie dollar climbed higher and traded above the 0.7620 resistance area against the US Dollar. It ignited a rally taking the AUDUSD pair towards 0.7680. Currently, the pair is correcting lower, and may trade near a critical bullish trend line formed on the hourly chart.
The pair is also above the 21 hourly simple moving average, which is a positive sign. The 50% Fib retracement level of the last wave from the 0.7613 low to 0.7683 high is also on around the trend line.
So, if you are looking to enter AUDUSD buy trade consider it near the trend line support.
Australian Trade Balance
Today in Australia, the trade balance, which is the difference in the value of its imports and exports of Australian goods was released by the Australian Bureau of Statistics.
The market was expecting a trade deficit of -1,700M in Sep 2016. The outcome was better, as the trade deficit was -1,227M. The report stated that in “trend terms, the balance on goods and services was a deficit of $1,784m in September 2016, a decrease of $127m (7%) on the deficit in August 2016. In seasonally adjusted terms, the balance on goods and services was a deficit of $1,227m in September 2016, a decrease of $667m (35%) on the deficit in August 2016”.
Overall, the Aussie dollar looks stable as of now and supported on the downside near 0.7650 against the US Dollar.
