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AUD/USD chart - Trading View
AUD/USD was trading 0.28% higher on the day at 0.7492 at around 04:30 GMT.
Australian dollar picks up upside momentum after upbeat Chinese trade data. Improved risk-appetite provides additional support.
Chinese trade surplus came at USD 51.53 billion in June, much higher than the market consensus of USD 44.2 billion.
Data showed that the pace of economic recovery in Asia-Pacific’s largest economy was intact, boosting the antipodeans.
Technical bias is bearish with signs of some pullback. Stochs are on verge of pullback from oversold levels and RSI is biased higher.
Price action has edged above 200H MA and continued upside momentum could see gains till 20-DMA at 0.7520.
Focus now on the US Consumer Price Index data for impetus. Bullish continuation only above 200-DMA.
