Aussie Dollar looks like found support around 0.7260 and positioning for more gains moving ahead.
Australian trade balance released by the Australian Bureau of Statistics posted a deficit of -2,933M in June 2015, whereas the market was expecting -3,100M.
Australian Retail Sales also posted a better than expected reading, as it rose by 0.7% in June 2015, compared with the preceding month.
AUDUSD Technical AnalysisThe AUDUSD recently traded higher after the economic releases in Australia. There was a bearish trend line on the hourly chart, which was broken to set the pair for more gains. However, the upside found resistance around a crucial area, as the 100 hourly simple moving average along with the 38.2% Fib retracement level of the last drop from the 0.7365 high to 0.7258 low acted as a resistance.Moving ahead, if the pair corrects lower from here, it might find support around the broken triangle area. On the upside, buyers need to clear the 100 and 200 hourly SMA to clear the way for more gains.Australian Trade BalanceEarlier during the Asian session, the Australian trade balance, which is the difference in the value of its imports and exports of Australian goods was released by the Australian Bureau of Statistics. The market was expecting a trade deficit of -3,100M in June 2015. However, the outcome was above the expectation, as the trade deficit was on the lower side with a reading of -2,933M. The report stated that “in trend terms, the balance on goods and services was a deficit of $2,946m in June 2015, an increase of $287m (11%) on the deficit in May 2015”.The Exports of goods and services posted an increase of 3% in June 2015, compared with the last rise of 1%. Moreover, the imports were also on the higher side with a rise of 4%, compared with the last decrease of 4%.Australian Retail SalesThere was one more major release, as the retail sales report, which represents a survey of goods sold by retailers is based on a sampling of retail stores was published by the Australian Bureau of Statistics. The result was better-than-forecast, as there was an increase of 0.7% in June 2015, compared with the preceding month.
Moving ahead, if the pair corrects lower from here, it might find support around the broken triangle area. On the upside, buyers need to clear the 100 and 200 hourly SMA to clear the way for more gains.Australian Trade BalanceEarlier during the Asian session, the Australian trade balance, which is the difference in the value of its imports and exports of Australian goods was released by the Australian Bureau of Statistics. The market was expecting a trade deficit of -3,100M in June 2015. However, the outcome was above the expectation, as the trade deficit was on the lower side with a reading of -2,933M. The report stated that “in trend terms, the balance on goods and services was a deficit of $2,946m in June 2015, an increase of $287m (11%) on the deficit in May 2015”.The Exports of goods and services posted an increase of 3% in June 2015, compared with the last rise of 1%. Moreover, the imports were also on the higher side with a rise of 4%, compared with the last decrease of 4%.Australian Retail SalesThere was one more major release, as the retail sales report, which represents a survey of goods sold by retailers is based on a sampling of retail stores was published by the Australian Bureau of Statistics. The result was better-than-forecast, as there was an increase of 0.7% in June 2015, compared with the preceding month.
Moving ahead, if the pair corrects lower from here, it might find support around the broken triangle area. On the upside, buyers need to clear the 100 and 200 hourly SMA to clear the way for more gains.Australian Trade BalanceEarlier during the Asian session, the Australian trade balance, which is the difference in the value of its imports and exports of Australian goods was released by the Australian Bureau of Statistics. The market was expecting a trade deficit of -3,100M in June 2015. However, the outcome was above the expectation, as the trade deficit was on the lower side with a reading of -2,933M. The report stated that “in trend terms, the balance on goods and services was a deficit of $2,946m in June 2015, an increase of $287m (11%) on the deficit in May 2015”.The Exports of goods and services posted an increase of 3% in June 2015, compared with the last rise of 1%. Moreover, the imports were also on the higher side with a rise of 4%, compared with the last decrease of 4%.Australian Retail SalesThere was one more major release, as the retail sales report, which represents a survey of goods sold by retailers is based on a sampling of retail stores was published by the Australian Bureau of Statistics. The result was better-than-forecast, as there was an increase of 0.7% in June 2015, compared with the preceding month.