Australian Balance of Trades below expectations
Christophe Chevalier September 3, 2020 4:25 PM
July Australian Balance of Trades was released at AUD 4.6 billion surplus, below 5.4 billion surplus expected.
This morning, July Australian Balance of Trades was released at AUD 4.6 billion surplus, below 5.4 billion surplus expected. Meanwhile, August CommBank Services PMI was released at 49.4, above 48.8 expected.
From a technical point of view, on a daily chart, AUD/USD remains supported by an internal rising trend line and by its rising 50-day moving average (in blue). Readers may therefore consider the potential for further advance above horizontal support at 0.7060. The nearest threshold would be set at previous overlap at 0.7510 and a second one would be set at June 2018 high at 0.7660 in extension.
Source: TradingView, GAIN Capital
From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.
As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.