- Aussie under pressure post-Australian trade figures
- Downbeat data to weigh on Australian Q4 GDP
- AUD/USD technicals still biased higher
The Australian Dollar is trading on a heavy note after the release of disappointing Australian trade figures, with the Nov reading coming at -628 million vs 915 million exp and 105 million last.
Exports stood at 0% m/m, while imports were UP 1% m/m. This type of negative deficit will undoubtedly weigh on the GDP figures for Q4. The downward pressure in the Aussie is likely to find some temporary support circa 0.7850.
AUD/USD technical outlook
On the very short term, the disappointing data may potentially shoft the focus into lower levels, however, as Valeria Bednarik, Chief Analyst at wrote, “technically it continues to be biased higher, as in the 4 hours chart, a bullish 20 SMA provided constant support ever since the week started, while the Momentum indicator bounced from its 100 level, still, however, below its previous lows, as the RSI indicator consolidates around 67.”