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10 Jul 2013
AUD/USD moving lower ahead of Chinese trade figures
FXstreet.com (New York) - The AUD/USD foreign exchange rate has moved lower during Asian trading Wednesday as the market approaches several key events Wednesday.
Chinese data in focus
In these moments, the AUD/USD is now losing -0.04%, as it trades in the region of 0.9172. The AUD/USDs short-term fortunes will invariably be governed by the outcome surrounding the upcoming Chinese trade statistics later today at 1:30 GMT. These figures include New Loans (June), export and import data, and the Trade Balance in the month of June. Meanwhile in Australia, investors will mull the Westpac Consumer Confidence (July).
Strategic bias
Despite notching early gains during the European and American session, the AUD/USD was ultimately unable to overcome sellers around the 0.9200 region, which effectively capped the upside movement multiple times Tuesday. As such, the pair is fortified by its 200-day SMA, which provides a nice base in the near-term. Upside resistance looks to occur at the 0.9190 level (20-day SMA), while on the decline supportive measures look to trigger at 0.9144 (former resistance-turned support).
Chinese data in focus
In these moments, the AUD/USD is now losing -0.04%, as it trades in the region of 0.9172. The AUD/USDs short-term fortunes will invariably be governed by the outcome surrounding the upcoming Chinese trade statistics later today at 1:30 GMT. These figures include New Loans (June), export and import data, and the Trade Balance in the month of June. Meanwhile in Australia, investors will mull the Westpac Consumer Confidence (July).
Strategic bias
Despite notching early gains during the European and American session, the AUD/USD was ultimately unable to overcome sellers around the 0.9200 region, which effectively capped the upside movement multiple times Tuesday. As such, the pair is fortified by its 200-day SMA, which provides a nice base in the near-term. Upside resistance looks to occur at the 0.9190 level (20-day SMA), while on the decline supportive measures look to trigger at 0.9144 (former resistance-turned support).