AUDUSD Analysis: Trade balance surplus narrowing bearish for AUDUSD

October 3, 2019

By IFCMarkets

Trade balance surplus narrowing bearish for AUDUSD

Australia’s trade balance surplus narrowed in August to A5.93 billion from A6.00 billion. Will the AUDUSD decline?

AUDUSD rising above MA(200)

The price chart on 1-hour timeframe shows AUDUSD: H1 is in uptrend. The price is rising toward the 200-period moving average MA(200) which is falling. And the Stochastic oscillator is above 50 level and hasn’t reached the overbought zone yet.

Technical Analysis Summary

OrderBuy
Buy stopAbove 0.6731
Stop lossBelow 0.6711

Market Analysis provided by IFCMarkets