8 Nov 2013
AUD/USD up on China's trade, faces offers at 0.9480
FXstreet.com (Barcelona) - AUD/USD is recovering ground after China's trade balance for Oct came at $31.10bn vs. $24.80bn exp and $15.21bn prior, exports up 5.6% vs 3.2% exp and -0.3% last, imports up 7.6% vs 8.5% exp and 7.4% last.
AUD/USD remains confined in the middle of a range-bound environment, within the wider context pointing at bearish pressures. The next direction on the pair, however, will not be so much determined by technicals but instead driven by the NFP number.
According to Jim Langlands, Founder at FXCharts: "Given that the dailies remain negative, I would not be surprised if we see an eventual run towards 0.9400 and 0.9380. As we have previously said, a return to 0.9250 would not surprise, but will take time." On the topside, Langlands sees 0.9475 and 0.9500 as "tough to crack", adding "I don’t think we are going to see the weeks high at 0.9542 again for a while."
AUD/USD remains confined in the middle of a range-bound environment, within the wider context pointing at bearish pressures. The next direction on the pair, however, will not be so much determined by technicals but instead driven by the NFP number.
According to Jim Langlands, Founder at FXCharts: "Given that the dailies remain negative, I would not be surprised if we see an eventual run towards 0.9400 and 0.9380. As we have previously said, a return to 0.9250 would not surprise, but will take time." On the topside, Langlands sees 0.9475 and 0.9500 as "tough to crack", adding "I don’t think we are going to see the weeks high at 0.9542 again for a while."