Australia trade surplus widened in June but is offering little help to the Aussie dollar. The escalating US-China trade war is likely hurting the AUD. Australia June trade surplus bettered estimates, but the upbeat data has failed to put a bid under the Aussie dollar, leaving the AUD/UD pair flat lined around 0.7405. The Sino-US trade tensions are likely keeping the gains under check. The US President Trump upped the ante on trade war on Wednesday by proposing higher 25 percent tariff on $200 billion worth of Chinese imports. The increase from a previously proposed 10 percent duty, if confirmed, could yield a retaliatory action from China, leading to further escalation of trade war. Consequently, the Aussie dollar is showing no signs of life despite a wider trade surplus. Another school of thought says the trade data does not impact RBA expectations and hence is not having any impact on the Aussie pairs. At press time, the currency pair is changing hands at 0.7405 and could crater below 0.74 if the Chinese currency slides on trade tensions. AUD/USD Technical Levels Resistance: 0.7429 (previous day’s high), 0.7454 (50-day MA), 0.7484 (July 10 high). Support: 0.7370 (July 27 low), 0.7318 (July 20 low), 0.73 (psychological level). FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next AUD/JPY holds steady above 82.50 as Aussie Trade Balance hits $1.8 billion FX Street 5 years Australia trade surplus widened in June but is offering little help to the Aussie dollar. The escalating US-China trade war is likely hurting the AUD. Australia June trade surplus bettered estimates, but the upbeat data has failed to put a bid under the Aussie dollar, leaving the AUD/UD pair flat lined around 0.7405. The Sino-US trade tensions are likely keeping the gains under check. The US President Trump upped the ante on trade war on Wednesday by proposing higher 25 percent tariff on $200 billion worth of Chinese imports. The increase from a previously proposed 10 percent duty,… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
