AUD/USD: Rally stalled at 0.7150 after Australia reported a narrower trade surplus
- AUD's three-day winning streak seems to have stalled near 0.7150.
- The ABS reported a weaker-than-expected trade surplus.
- The S&P 500 futures, however, are signaling risk-on action. The Aussie, therefore, could pick up a bid.
The bid tone around the Aussie dollar weakened after the Australian Bureau of Statistics (ABS) reported a weaker-than-expected November trade surplus.
As of writing, the pair is struggling to break past 0.7150, having rallied in the last three days on the back of improved risk sentiment and broad-based USD selling.
The Aussie data released a few minutes ago showed that the trade surplus narrowed to AUD 1,925 million in November, missing the estimated print of AUD 2,230 million. Notably, exports rose 1 percent, while imports jumped 2 percent.
A narrower trade deficit seems to have put brakes on AUD's three-day winning streak. The bullish momentum, however, could again gather steam, as the S&P 500 futures are reporting a 0.23 percent gain at press time.
Further, dovish Fed expectations are likely to keep the greenback under pressure.
AUD/USD Technical Levels
Today Last Price: 0.7145
Today Daily change: 1.0 pips
Today Daily change %: 0.0140%
Today Daily Open: 0.7144
Previous Daily SMA20: 0.7102
Previous Daily SMA50: 0.7186
Previous Daily SMA100: 0.7183
Previous Daily SMA200: 0.7341
Previous Daily High: 0.7151
Previous Daily Low: 0.7089
Previous Weekly High: 0.7125
Previous Weekly Low: 0.6684
Previous Monthly High: 0.7394
Previous Monthly Low: 0.7014
Previous Daily Fibonacci 38.2%: 0.7127
Previous Daily Fibonacci 61.8%: 0.7113
Previous Daily Pivot Point S1: 0.7105
Previous Daily Pivot Point S2: 0.7066
Previous Daily Pivot Point S3: 0.7043
Previous Daily Pivot Point R1: 0.7167
Previous Daily Pivot Point R2: 0.719
Previous Daily Pivot Point R3: 0.7229