AUD/USD Price Analysis: Key SMAs prod Australia trade data-inspired rebound below 0.6670 – by anilpanchal7 AUDUSD Technical Analysis SwingTrading ChartPatterns TradeBalance
Australia Trade Surplus widens, Exports and Imports grew in May.Bulls need to cross 0.6700 trend line hurdle to retake control.
That said, Australia’s trade surplus rises to 11,791M MoM for May, compared with the expectations of 10,500M and 11,158M prior. Further, Exports grow 4.0% on a monthly basis while reversing the previous contraction of 5.0%. On the same line, imports rises 2% MoM and seasonally adjusted vs. 2.0% booked in April.
It should be noted that the risk-barometer pair’s recovery past 0.6675 needs validation from a downward-sloping resistance line from June 27, close to the 0.6700 round figure, to convince the buyers.
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