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AUD/USD rejects resistance 0.7350 post China trade

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 13, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Bali) - AUD/USD has seen sellers returning at the key resistance of 0.7350, with an initial China-led spike of over 20/25 pips to the mentioned level seeing a reversal towards 0.7310 at present.

    China trade surplus in Sept expands

    China trade balance came in at 376.20 bn yuan vs $292.41 bn yuan expected and 368 bln yuan last. Exports were -1.1% vs -7.4% exp and -6.10% last, while imports were -17.7% vs -16.5% expected and -14.3% last.

    Profit-taking time after 9-day winning streak?

    The engulfing bar being printed in the lower timeframe charts of the AUD/USD suggests that the market is now more willing to engage in a process of distribution, probably intended to take some of the fat profits off the table following a relentless 9-day winning streak.

    AUD/USD key levels

    Should further pressure hit the Aussie, the next immediate support is seen at 0.73 round number, followed by 0.7225/30 - horizontal level + ATR 14 limit + Daily S2 - ahead of 0.7240 - Daily S3 -. On the upside, buyers need to reclaim the 0.7350 level to gain back control, and challenge the recent trend highs ahead of 0.74.
    For more information, read our latest forex news.

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