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AUD/USD rejects resistance 0.7350 post China trade

FXStreet (Bali) - AUD/USD has seen sellers returning at the key resistance of 0.7350, with an initial China-led spike of over 20/25 pips to the mentioned level seeing a reversal towards 0.7310 at present.

China trade surplus in Sept expands

China trade balance came in at 376.20 bn yuan vs $292.41 bn yuan expected and 368 bln yuan last. Exports were -1.1% vs -7.4% exp and -6.10% last, while imports were -17.7% vs -16.5% expected and -14.3% last.

Profit-taking time after 9-day winning streak?

The engulfing bar being printed in the lower timeframe charts of the AUD/USD suggests that the market is now more willing to engage in a process of distribution, probably intended to take some of the fat profits off the table following a relentless 9-day winning streak.

AUD/USD key levels

Should further pressure hit the Aussie, the next immediate support is seen at 0.73 round number, followed by 0.7225/30 - horizontal level + ATR 14 limit + Daily S2 - ahead of 0.7240 - Daily S3 -. On the upside, buyers need to reclaim the 0.7350 level to gain back control, and challenge the recent trend highs ahead of 0.74.

China Sept trade balance surges, exports show good momentum

China trade balance came in at 376.20 bn yuan vs $292.41 bn yuan expected and 368 bln yuan last. Exports were -1.1% vs -7.4% exp and -6.10% last, while imports were -17.7% vs -16.5% expected and -14.3% last.
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