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AUD/USD supply dominating ahead of Chinese trade balance

FXStreet (Guatemala) - AUD/USD is facing headwinds at lofty levels as the bulls run out of momentum and the bears look to force some profit taking out of the pair.

AUD/USD has dropped below the 50 SMA on the hourly chart and pivot setting up a near term bearish episode within the broader bullish trend having penetrated the 1 year down-trend's 55 DMA at 0.7181.

However, it remains a minor correction only while still trading below the 200 DMA at 0.7598 and downside pressure prevail on a broader sense despite the Fed putting back timings of a rate hike and the RBA sticking to their guns while holding a positive outlook for the Australian economy, as voiced again by RBA's deputy, Lowe. The recent data came of the NAB's Business Conditions (9 vs 11) / Confidence (5 vs 1) reinforced a positive outlook with business conditions steady and confidence is making a slight comeback.

On the hour we have the Chinese trade balance as next catalyst and preview and additional technicals for the Aussie can be read here.

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