{"id":9943,"date":"2010-06-03T08:47:36","date_gmt":"2010-06-03T12:47:36","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=9943"},"modified":"2010-06-03T08:47:36","modified_gmt":"2010-06-03T12:47:36","slug":"audusd-rallies-in-wake-of-trade-surplus","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/06\/03\/audusd-rallies-in-wake-of-trade-surplus\/","title":{"rendered":"AUD\/USD Rallies in Wake of Trade Surplus"},"content":{"rendered":"<p><strong>By Fast Brokers<\/strong> &#8211; The Aussie has reversed course from Wednesday lows after Australia reported a surprise trade surplus, countering yesterday\u2019s sluggish GDP reading.\u00a0 Export demand held strong last month, countering fears of a slowdown in China with purchases of iron ore climbing.\u00a0 Meanwhile, the Aussie also benefitted from a broad based risk rally since no news from the EU seems to be good news.\u00a0 The S&amp;P futures soared ahead of key U.S. employment data, placing the risk trade in a favorable position should U.S. employment improve.\u00a0 On the other hand, downward pressures remain and the Aussie\u2019s first step would be to overcome 5\/28 highs.\u00a0 Regardless, the solid trade balance data is a welcome development for the Aussie since building approvals and GDP disappointed earlier this week.\u00a0 However, it is unlikely a trade surplus alone will make the RBA get aggressive again considering the headwinds blowing from the EU.\u00a0 That being said, investors should continue to monitor conditions in the EU since fiscally trouble nations are still unstable.\u00a0 Activity should pick up as the trading session progresses.\u00a0 The UK will release HPI and services PMI data points followed by advance employment and services PMI figures from the U.S.\u00a0 Hence, the trading week could close on a volatile note.<\/p>\n<p>Technically speaking, the Aussie still faces multiple downtrend lines along with 5\/28 and 5\/18 highs.\u00a0 As for the downside, the Aussie has technical cushions in the form of 6\/2 and 5\/25 lows.\u00a0 Additionally, the psychological .823area could serve as a solid technical cushion should it be tested.<\/p>\n<p>Price: .8477<br \/>\nResistances:\u00a0 .8503, .8535, .8556, .8586, .8614, .8636<br \/>\nSupports:\u00a0 .8468, .8452, .8432, .8410, .8390, .8374, .8356<br \/>\nPsychological:\u00a0 .85, .83,.80, May lows<\/p>\n<p><a href=\"http:\/\/fastbrokers.net\/news\/image\/June3Aussie.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/fastbrokers.net\/news\/image\/June3Aussie.png\" alt=\"\" width=\"595\" height=\"400\" \/><\/a><\/p>\n<p>(click chart to enlarge)<\/p>\n<p><em><strong>Market Commentary<\/strong><\/em> provided by <a href=\"http:\/\/www.fastbrokers.com\/index.php?CP001\" target=\"_blank\"><strong>Fast                                 Brokers<\/strong>.<\/a><\/p>\n<p><strong>Disclaimer:<\/strong> FastBrokers\u2019 market commentary is                                 provided for information purposes only and  under    no               circumstances        should        be regarded   neither   as  an       investment        advice nor as a          solicitation     or      an    offer     to sell\/buy     any      financial  product.          FastBrokers     assumes      no            responsibility   or  liability    from  gains  or         losses      incurred by      the            information herein      contained.<\/p>\n<p><strong>Risk Disclosure:<\/strong> There is a substantial risk of loss                                 in trading futures and foreign exchange.        Please           carefully        review     all     risk   disclosure      documents    before        opening an    account     as   these           financial       instruments  are   not     appropriate      for all          investors.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Fast Brokers &#8211; The Aussie has reversed course from Wednesday lows after Australia reported a surprise trade surplus, countering yesterday\u2019s sluggish GDP reading.\u00a0 Export demand held strong last month, countering fears of a slowdown in China with purchases of iron ore climbing.\u00a0 Meanwhile, the Aussie also benefitted from a broad based risk rally since &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/06\/03\/audusd-rallies-in-wake-of-trade-surplus\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;AUD\/USD Rallies in Wake of Trade Surplus&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-9943","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9943","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=9943"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9943\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=9943"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=9943"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=9943"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}