CFD/FX Trading Involves Risk. Losses May Exceed Deposits.

AUD/USD ticks lower ahead of Aussie Trade Balance

2018-11-1 11:15:38Market Analysis
AUD/USD ticks lower ahead of Aussie Trade Balance

The AUD/USD drifted lower through Tuesday's trading, falling back to the 0.7050 zone as the Antipodean proved unable to keep itself aloft near the 0.7125 peak reached earlier in the week.


Early Thursday sees the next iteration of Australia's Trade Balance at 00:30 GMT, and markets are hoping for an improved showing despite trade war headwinds, with the Aussie balance forecast at $1.7 billion versus the previous month's $1.604 billion, but US Dollar action can be expected to continue driving the broader markets as another NFP Friday looms ahead.


This week has seen the Aussie cycling just beneath the 0.7100 technical level, and subdued risk appetite is hobbling the AUD's efforts to develop a bullish recovery as the AUD/USD gets ready to mark in a fourth straight week of trading in the 0.7150 - 0.7050 range.


AUD/USD levels to watch


The Aussie-Dollar pairing has seen a temporary floor priced in at October's lows at the 0.7050 lower barrier, but with a steadily-declining 50-day moving average holding overhead near 0.7165 and a steady pattern of lower highs since January's peak of 0.8135, the pair is looking firmly bearish on the longer timeframes.