AUD/USD chart - Trading View
AUD/USD trades 0.39% lower at 0.6970 at 06:40 GMT, strong US dollar weighs.
The pair has been capped below 55-EMA which is stiff resistance at 0.70.
Aussie bulls unimpressed by upbeat China trade balance data which ticked higher to $41.65 billion.
Details of the report showed the imports fell in both CNY and USD terms, suggesting weakening domestic demand.
China’s weakening domestic demand and broad-based US dollar strength keeps pressure on the antipodeans.
The pair has retraced below 5-DMA and finds 21-EMA as immediate support at 0.6959.
Technical indicators are turning slightly bearish. RSI is now biased lower and Stochs are on verge of rollover from overbought.
Break below 21-EMA confirms further downside, drag till 0.6815 (trendline) likely.
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