AUD/USD chart on Trading View used for analysis
- AUD/USD trades at 0.7127, down 0.27% at the time of writing, after hitting session highs at 0.7149.
- The pair has halted a 3-day winning streak after ABS reported a weaker-than-expected Nov trade surplus.
- Data released earlier today showed Australia's Trade Balance for November slipped below expectations once again, printing at 1.925 billion versus the forecast 2.175 billion.
- Exports held steady at just 1% month-over-month, while Imports growth declined to 2% from October's 3%.
- The pair has paused upside shy of 0.7150 handle. Finds stiff resistance at 55-EMA at 0.7163.
- Bias remains bearish. Retrace below 21-EMA will see further weakness. Dip till Lower Bollinger Bad at 0.6962 likely.
Support levels - 0.7114 (nearly converged 21-EMA and 20-DMA), 0.7076 (5-DMA), 0.6962 (Lower BB)
Resistance levels - 0.7163 (55-EMA), 0.7225 (110-EMA), 0.73
Recommendation: Good to go short on upticks, SL: 0.7225, TP: 0.7075/ 0.70/ 0.6975
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
