AUD/USD losing the 0.70 handle again

By FXStreet FXStreet (Guatemala) – AUD/USD‘s post trade balance bid consolidated and the territory claimed by the bulls on the 0.70 handle was sold into. The antipodeans are losing ground to the greenback, along with CAD as the price of oil drops to fresh session lows below $31 in WTI.

The Aussie is back below the 100 SMA on the hourly chart at 0.6999 and traded at a low of 0.6974 after making highs of 0.7048 when the Chinese trade data posted a surplus of 382.05 bn yuan vs 338.8bn. The exports y/y rose +2.3% vs -4.1% expected, (-3.7% previous), while imports for the same year came in at -4% vs -7.9% expected, (-5.6% last). Today, we await the jobs data from Australia as the next scheduled catalyst.

AUD/USD levels

Technically, Karen Jones, chief analyst at Commerzbank noted that AUD/USD is seeing a near term bounce. “The market has lost downside momentum just ahead of the September low at 0.6905. We note the 13 count and divergence of the RSI on the 240 minute chart and would allow for a small rebound to 0.7090/0.7130 ahead of further losses. Risks are on the downside longer term and we target the 0.6774 2004 low.”
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Source:: FX Street