Australian Balance of Trades below expectations

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By :  ,  Financial Analyst

Australian Balance of Trades below expectations

This morning, July Australian Balance of Trades was released at AUD 4.6 billion surplus, below 5.4 billion surplus expected. Meanwhile, August CommBank Services PMI was released at 49.4, above 48.8 expected.

From a technical point of view, on a daily chart, AUD/USD remains supported by an internal rising trend line and by its rising 50-day moving average (in blue). Readers may therefore consider the potential for further advance above horizontal support at 0.7060. The nearest threshold would be set at previous overlap at 0.7510 and a second one would be set at June 2018 high at 0.7660 in extension.

Source: TradingView, GAIN Capital

Related tags: AUD Forex Forex

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