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AUD/USD chart - Trading View
AUD/USD was extending gains in early Friday's trade as broad-based US dollar weakness likely keeps the pair supported.
Earlier in the Asian session, China’s Commerce Ministry announced that it will impose temporary anti-dumping measures on wine imports from Australia from November 28.
China’s decision to impose preliminary tariffs on Australian wine could escalate diplomatic tensions between the two countries.
The Aussie dollar remains unperturbed by the Australian-Sino tensions amid a broadly weaker US dollar.
Upbeat China data cushions downside. China’s October month Industrial Profits grew 28.2% YoY versus 10.1% prior. The year-to-date figures were up 0.7% YoY, the first positive figure in 2020.
AUD/USD has held support at 5-DMA at 0.7347 and was trading 0.23% higher at 0.7374 at around 05:00 GMT.
Technical indicators are bullishly aligned keeping scope for further upside. The pair is extending gains above 200W MA and is on track to test 78.6% Fib at 0.7573.
