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Forex: AUD/USD higher above 1.0460 on Aus trade balance

FXstreet.com (Barcelona) - With better trade deficit in Australia of last 7 months at -178M vs -1057M previous and -1000M expected, AUD/USD is currently trading at session highs 1.0462 bids, up from the 1.0450 level previous to the data release. Tight ranges still dominate in the pair, with commercial/hedger traders back in the net short side as soon as it approaches to the 1.05 handle, as latest COT report shows.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “The hourly chart shows price below 20 SMA and indicators around their midlines, still far from showing a strong upward momentum,” the analyst notes, adding: “In the 4 hours chart, price stands above 20 SMA and indicators in positive territory, although flat: price needs to break recent highs above 1.0480 to confirm a bullish continuation with 1.0550 then at sight,” she concludes.

Valeria sees support levels at: 1.0440, 1.0390 and 1.0360, while resistance levels at: 1.0480, 1.0520 and 1.0550.

Australian trade deficit falls to just -AUD178 million

The Australia trade balance for the month of February came at AUD -178m vs. AUD -1000m expected, with export up 3% vs -1% consensus, and imports reduced by 1% vs expectations of +1%. Overall, very good numbers which are causing the Australian Dollar to appreciate in the tune of 15/20 pips across the board. AUD/USD last at 1.0470 from 1.0445/50.
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