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13 Apr 2015
AUD/USD heading towards 0.76 after awful Chinese trade data
FXStreet (Bali) - AUD/USD is trading heavy in Asia, following China Trade Balance (Mar), which came at CNY 18.8 bln vs exp CNY 250.0 bln, with exports -14.6% y/y (in yuan terms), while imports were -12.3% y/y (yuan terms), all components being a big miss, that has sent the rate at its day lows of 0.7610 from 0.7675/80.
Jim Langlands, Founder at FXCharts, expects the round number at 0.76 to be the next key support, adding that after the Chinese downbeat data, some points to watch now "would be at 0.7559 (11 Mar low) and at 0.7532 (2 April low)." On the topside, the key level is now 0.7640 ahead of 0.7690/0.77.
Jim Langlands, Founder at FXCharts, expects the round number at 0.76 to be the next key support, adding that after the Chinese downbeat data, some points to watch now "would be at 0.7559 (11 Mar low) and at 0.7532 (2 April low)." On the topside, the key level is now 0.7640 ahead of 0.7690/0.77.