FxWirePro: AUD/USD extends choppy trade below 200-DMA, good to go short on break below 0.7630

• AUD/USD is extending choppy trade below 200-DMA at 0.7697 which is major resistance.
   
• Dismal Chinese trade data likely to keep upside in the pair limited. Also RBA was a non-event, Aussie largely muted post RBA policy meet.
   
• Data released earlier today showed China October trade surplus widened less than expected.
   
• China trade surplus came-in at CNY 254.5 billion vs. CNY 275.0 billion (in USD terms $38.2B below forecasts at $39.5B).
   
• Exports printed at 6.1% y/y vs 7.0% expected and 9.0% last, while imports came-in at +15.9% y/y vs 17.5% expected and 19.5% last.
   
• The pair is currently trading at 0.7652, up 0.15% on the day. 5-DMA is immediate resistance at 0.7669. Break above finds next major resistance at 200-DMA at 0.7697.
   
• The major finds strong trendline support at 0.7630, break below will accentuate weakness.
   
• We see bearish invalidation only on breakout above 200-DMA.

Support levels - 0.7630 (trendline), 0.7625 (Oct 27 low), 0.7571 (July 5 low)

Resistance levels - 0.7669 (5-DMA), 0.7697 (200-DMA), 0.7746 (20-DMA)

Recommendation: Good to go short on break below 0.7630, SL: 0.77, TP: 0.76/ 0.7570/ 0.7535/ 0.75

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