FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch (EURAUD and USDCAD) for the day
FxWirePro: AUD/USD extends previous session's gains on firmer Aussie Trade Balance, Taiwan headlines and NFP data to drive price action
Chart - Courtesy Trading View
AUD/USD was trading 0.32% higher on the day at 0.6966 at around 05:55 GMT, bias is turning bullish.
The major refreshed intraday highs as Australian dollar cheered upbeat Trade Balance data from the Australian Bureau of Statistics.
Data released earlier today showed Australia’s Trade Balance rose to 17,670M in June, well beyond the 14,000M forecast and 15,965M prior.
However, Imports and Exports eased to 0.7% and 5.1% during the stated month versus respective priors of 5.8% and 9.5%.
Mixed sentiment and a softer US dollar strengthen the recovery moves. Price action hovers around 55-EMA resistance, break above will propel the pair higher.
Next major resistance lies at daily cloud. Break above will fuel further gains. US NFP report will determine near-term direction.
Later in the day, focus remains on US Good and Services Trade Balance for June, expected $-80.1B versus $-85.5B prior.
Further, the weekly Initial Jobless Claims, expected 259K versus 256K prior, will decorate the calendar.
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