FxWirePro: AUD/USD consolidates above 200H SMA, awaits China Trade Balance data

AUD/USD chart - Trading View 

AUD/USD is extending gains for the 3rd straight session, edges closer to 0.70 handle

The pair has broken above 200H SMA and is extending consolidation as markets await China trade balance data.

The major has retraced dip below cloud and has edged above 55-EMA. Volatility is rising. Scope for gains.

There are no significant macroeconomic data releases from Australia today, market sentiment and China data could be the main drivers for price action.

Focus also on U.S. Producer Price Index data and Federal Reserve Evan's speech due later in the day. 

Next major hurdle for bulls aligns at 110-EMA at 0.7024. Break below 20-DMA (0.6960) to see resumption of weakness.

Support levels - 0.6967 (21-EMA), 0.6960 (20-DMA), 0.6910 (July 10 low)

Resistance levels - 0.70, 0.7022 (June 7th  high), 0.7035 (cloud top)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.