The aussie is crushed down after China’s poor commerce stability figures
The commerce figures from China had been extraordinarily disappointing and has thus far set the tone as we start the brand new buying and selling week. In consequence, equities are buying and selling decrease whereas the aussie and kiwi are notably taking successful within the currencies house.
For AUD/USD, worth fell again beneath zero.7200 and touched a low of zero.7180 the place it trades close by at the moment. The draw back transfer stalled as worth strikes shut to check the 100-day MA (purple line) @ zero.7175.
Moreover, there’s additionally additional help from the 100-hour MA (purple line) @ zero.7178. Each these ranges are key for consumers to retain the bullish momentum within the pair. If worth begins to slide again beneath the 100-hour MA, the near-term bullish bias shall be damaged and the buying and selling vary extends again in the direction of the zero.70 to zero.72 vary (as that may imply the 100-day MA additionally provides approach).
There is not a lot else on the financial knowledge entrance as we speak to actually poke on the narrative of the US-China commerce warfare and international financial slowdown, so count on headlines to dominate but additionally be careful for the efficiency of US equities for clues. Earnings season is starting this week and financials would be the first to report so let’s have a look at how issues form up over the subsequent few days.