FxWirePro: AUD/USD retraces dip below 200-DMA, upbeat China trade data lifts Aussie

• AUD/USD has retraced dip below 200-DMA and has edged higher from session lows at 0.7524.
   
• Aussie recovered losses after upbeat China trade data which showed exports spiked 15.5% y/y, beating the estimate of 13.5%. Imports jumped 22.1% y/y, bettering the estimate of 16.1% rise.
   
• Australian dollar earlier took a big hit following the release of worse-than expected Australian trade figures.
   
• Australia's trade balance for April came in at 0.55 bn vs 1.95 bn expected and +3.1 bn last.
   
• Australia's exports were down by 8% m/m, while imports were also down by 1% m/m.
   
• The sharp contraction in the Aussie trade surplus reported earlier today could likely keep upside in the pair limited.
   
• Technically, the pair has closed above 200-DMA at 0.7531 on Wednesday's trade, raising scope for upside.
   
• RSI strong at 61 levels and biased higher, while MACD supports trend higher.

Support levels - 0.7531 (200-DMA), 0.7507 (5-DMA), 0.7456 (20-DMA)

Resistance levels - 0.7586 (Apr 24 high), 0.76, 0.7660 (78.6% Fib of 0.7749 to 0.7328 fall)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-breaks-above-20-DMA-eyes-200-DMA-at-07531-741453) has hit TP1 & 2.

Recommendation: Stay long for next target at 0.76 levels. Violation there could see 0.7660.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 132.858 (Bullish), while Hourly USD Spot Index was at -46.6 (Neutral) at 0530 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.