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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

AUD/USD

Overview:
    Today Last Price: 0.7145
    Today Daily change: 1.0 pips
    Today Daily change %: 0.0140%
    Today Daily Open: 0.7144
Trends:
    Previous Daily SMA20: 0.7102
    Previous Daily SMA50: 0.7186
    Previous Daily SMA100: 0.7183
    Previous Daily SMA200: 0.7341
Levels:
    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

 

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