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8 Feb 2013
Forex: Aussie picking up; China trade exports/imports surge YoY
China trade balance came in showing solid numbers all around. The trade balance for January stood at $29.15 billion vs $24.7 billion consensus and $31.6 billion in the prior month. Chinese exports went up by 25% on a yearly basis in January, which make sit the largest rise since April 2011. Imports were also up 28.8% vs 23.5% expected and 6.0% previously.
The Australian Dollar, severely sold in recent days, is attempting now a recovery to regain 1.03, first key resistance, and area of confluence where the 20EMA crosses on the hourly chart. Judging by the impulsiveness of the correction, bulls may have a chance to burst through the level, which still wouldn't alter the bearish outlook in almost all timeframes.
The Australian Dollar, severely sold in recent days, is attempting now a recovery to regain 1.03, first key resistance, and area of confluence where the 20EMA crosses on the hourly chart. Judging by the impulsiveness of the correction, bulls may have a chance to burst through the level, which still wouldn't alter the bearish outlook in almost all timeframes.