Aussie Trade Balance Comes in Strong
Rowan Crosby • 1 min read
The Aussie hasn’t been doing a heck of a lot recently. We’ve seen the AUD/USD relatively range bound since mid-June.
Economic conditions in Australia are relatively mixed at the moment. While things aren’t terrible, we aren’t seeing the strong data points the likes of the US is putting up.
Today, however, there was a small win for the AUD. The Aussie trade balance came in strong and beat expectations, posting a 1873m surplus. Which is about double expectations.
And that’s a good sign, especially as this will have a positive impact on the next reading of GDP.
The Aussie still has major resistance at 0.7500 and hasn’t really been able to crack 0.7450in recent times.
My plan is still to sell the pops anywhere near the 0.7450 level. These are generally coming when we get a bit of USD weakness.
We can see that the DXY is still grinding higher and keeps on getting bid up on any pullback. So the same applies to the AUD/USD. Keep selling the pops.