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Chart - Courtesy Trading View
Technical Analysis:
- AUD/USD was trading 0.59% higher on the day at 0.6815 at around 08:40 GMT.
- The pair has held lower BB support and extended gains above 5-DMA.
- GMMA indicator shows major and minor trend are bearish
- Price action is below major moving averages which are trending lower
Fundamental Overview:
Aussie Trade Balance, Exports and Imports improved during May, support the Australian dollar.
Australia’s Trade Balance rose to 15,965M in May versus 10,725M expected and 10,495M prior.
Further, Exports rose 9.5% from 5.0% prior and Imports grew 5.8% compared to the previous contraction of 0.8%.
Major Support and Resistance Levels:
Support: 0.6762 (Lower BB), Resistance: 0.6811 (5-DMA)
Summary: AUD/USD recovery lacks traction. Major trend is bearish. Scope for downside resumption.
