Key Points
- The Aussie Dollar traded higher versus the US Dollar, and moved above the 0.7460 resistance.
- There are two bullish trend lines formed on the hourly chart of AUDUSD, acting as a support on the downside at 0.7480.
- Today in Australia, the trade balance was released by the Australian Bureau of Statistics.
- The result was on the lower side, as the trade deficit was -1,541M in Oct 2016, more than the forecast of -800M.
AUDUSD Technical Analysis
The Aussie dollar after trading as low as 0.7408 recently against the US Dollar found buyers and recovered. There was a break above the 21 hourly simple moving average, and the 0.7460 resistance area in AUDUSD.
The pair is currently trading positively and remains supported on the downside near two bullish trend lines formed on the hourly chart.
So, there is a chance of AUDUSD gaining momentum, and breaking the 0.7500 resistance for an upside move.
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 -800M in Oct 2016. However, the outcome was lower, as there was a deficit of -1,514M. Imports rose 2%, and exports increased 1% in Oct 2016. The report stated that in “trend terms, the balance on goods and services was a deficit of $1,565m in October 2016, a decrease of $154m (9%) on the deficit in September 2016. In seasonally adjusted terms, the balance on goods and services was a deficit of $1,541m in October 2016, an increase of $269m (21%) on the deficit in September 2016”.
The Aussie dollar was not affected much after the release, and it looks like the AUDUSD pair may break the 0.7500 resistance soon.
