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AUD/USD reclaims 0.74 as China's Trade Balance figures approach

7/13/2018, 10:14:06 AMBasics of Trading
AUD/USD reclaims 0.74 as China's Trade Balance figures approach

The AUD/USD has shaken off bearish jitters from the overnight session, reclaiming the 0.7400 key level and trading into 0.7420 heading through Friday's Asia session.

The Aussie is seeing pick-up through the markets as risk appetite recovers ahead of China's Trade Balance figures, expected shortly after 02:00 GMT.

With the US-China trade war ramping up, tensions are running high despite market sentiment swinging on-balance for Friday, and risk aversion remains just beneath the surface of the waters. China Trade Balance is expected to draw more eyes than normal, and volatility will likely spike following the release.

AUD/USD levels to watch

The pair is recovering from the week's low at 0.7360, and a continuation will see buyers challenging the week's high at 0.7480, and bulls will be eager to mark in a firm extension from here, with the pair set to etch in a higher low from 2018's bottoms near 0.7310.