13 Jul 2015
AUD/USD better bid around 0.7450, shrugs off China trade data
FXStreet (Mumbai) - The Australian dollar broke out of the bearish gap and climbed higher in the Asian session, now pushing AUD/USD towards fresh session highs, as traders continue to digest the latest Greek talks while ignoring mixed Chinese trade data.
AUD/USD recovers from 0.7417
Currently, the AUD/USD pair trades modestly flat at 0.7446, retreating from 0.7468 highs reached in last hours. The pair filled in the overnight bearish gap following the weekend’s emergency EU Summit and now regains lost ground breaking higher after markets assess the latest China trade data.
Exports rose 2.1% y/y in June after sliding 2.5% in May, while market had expected a 1.0% increase. Meanwhile, imports continued on their downward trajectory and fell 6.7% in June, against expectations of a 15.0% fall in imports. China's trade surplus shrank to $46.6 billion in June from $59.49 billion, coming in weaker than the forecast $57 billion surplus.
Markets watch out for fresh cues from the ongoing EU Summit on Greece third bailout ahead of Tuesday’s Australia’s NAB Business Confidence.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7468 (Today’s High) levels, above which gains could be extended to 0.7500 levels. On the flip side, support is seen at 0.7393 (July 9 Low) levels from here it to 0.7368 (July 8 Low) levels.
AUD/USD recovers from 0.7417
Currently, the AUD/USD pair trades modestly flat at 0.7446, retreating from 0.7468 highs reached in last hours. The pair filled in the overnight bearish gap following the weekend’s emergency EU Summit and now regains lost ground breaking higher after markets assess the latest China trade data.
Exports rose 2.1% y/y in June after sliding 2.5% in May, while market had expected a 1.0% increase. Meanwhile, imports continued on their downward trajectory and fell 6.7% in June, against expectations of a 15.0% fall in imports. China's trade surplus shrank to $46.6 billion in June from $59.49 billion, coming in weaker than the forecast $57 billion surplus.
Markets watch out for fresh cues from the ongoing EU Summit on Greece third bailout ahead of Tuesday’s Australia’s NAB Business Confidence.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7468 (Today’s High) levels, above which gains could be extended to 0.7500 levels. On the flip side, support is seen at 0.7393 (July 9 Low) levels from here it to 0.7368 (July 8 Low) levels.