Chinese trade balance: What to expect in AUD/USD?

By FXStreet FXStreet (Guatemala) – AUD/USD has been consolidated at key resistance and the highest levels since the late August/September downtrend and has been trading on the bid with conviction and positive momentum.

AUD/USD quick recap

AUD/USD has been first out of the blocks when it comes to the commodity-bloc currencies while a minor recovery has started to take place in base metals, gold and oil. Gold has been gaining on the idea that the Fed is unable to hike rates any time soon and a weaker greenback has also supported the Aussie to key resistance just ahead of the 0.74 barrier and without a further catalyst, bulls have struggled and run out of momentum.

Chinese trade balance expected negative for AUD/USD

However, today comes with the Chinese trade balance that might spice some life into the trade again. The data are scheduled at 1pm Syd/10am local although is not always released bang on time and can be a little late. The key element here is the price of commodities, and as weak as they have been and only having started to climb again, the September Y/Y import data will reflect that which needs to be taken into consideration. Last month’s import values certainly …read more

Source:: FX Street