Chart Of The Day: 50-day SMA limits AUDUSD upside despite upbeat China trade balance

Mon, 10 Jun 2019 14:03

Even if China's May month trade surplus crossed upbeat forecasts and exports grew more than expected, not to mention a dip in imports, the AUDUSD pair continued trading beneath 50-day SMA level of 0.7020. As a result, 0.6960 and a fortnight old ascending trend-line at 0.6940 seem nearby supports that the quote can avail during further declines, a break of which may trigger its fresh south-run towards 0.6900 and 0.6860 rest-points. Should there be additional downpour by the pair under 0.6860, January 2016 low near 0.6830/25 could become sellers' favorites.

On the upside clearance of 0.7020, the pair can rise to 100-day SMA level of 0.7065 while 0.7110 and four-month-old descending trend-line around 0.7145/50 may challenge buyers then after. In a case where the bulls dominate beyond 0.7150, April high near 0.7205 and 0.7230 might come back on the chart.

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