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  • AUD/USD is mildy bid above the 100-day EMA, having added 10 pips after China trade data release.
  • The AUD’s 4 percent recovery rally may fall apart if trade tensions between the US and China escalate.

The AUD/USD jumped 10 pips to a session high of 0.7280 after China data showed the trade surplus widened to CNY 233.63 billion in October from the previous month’s print of CNY 213.23 billion.

The CNY-denominated exports rose 20.1 percent year-on-year, bettering the estimate of 12 percent. Meanwhile, imports surged 26.3 percent, beating the estimate of 14 percent.

In US dollar terms, the trade surplus widened to $34.01 billion from $31.70 billion, but narrowly missed the forecasted figure of $35.00 billion.

The sharp rise in exports may have put a bid under the Aussie dollar. However, a convincing break above 0.73 may remain elusive if the details reveal a drop in the imports of iron ore and copper and a surge in China’s surplus with the US.

AUD/USD Technical Levels

AUD/USD

Overview:
       Last Price:  0.7277
       Daily change:  -1.0  pips
       Daily change:  -0.0137%
       Daily Open:  0.7278
Trends:
       Daily SMA20:  0.7129
       Daily SMA50:  0.716
       Daily SMA100:  0.7267
       Daily SMA200:  0.7478
Levels:
       Daily High:  0.7302
       Daily Low:  0.7213
       Weekly High:  0.726
       Weekly Low:  0.705
       Monthly High:  0.724
       Monthly Low:  0.702
       Daily Fibonacci 38.2%:  0.7268
       Daily Fibonacci 61.8%:  0.7247
       Daily Pivot Point S1:  0.7227
       Daily Pivot Point S2:  0.7175
       Daily Pivot Point S3:  0.7138
       Daily Pivot Point R1:  0.7316
       Daily Pivot Point R2:  0.7354
       Daily Pivot Point R3:  0.7405