- AUD/USD keeps gains above 0.76 after Aussie trade data.
- Australia’s trade surplus widened in December, with exports rising 3%.
- The currency pair is yet to take out resistance located at 0.7639.
The AUD/USD pair keeps gains, but remains below key hurdle following Australia’s trade data release, which shows surplus ticked higher in December.
The trade surplus widened to A$6,785 million in December from November’s A$5,022 million, with exports registering a month-on-month growth of 3% versus 3% in November and imports falling by 2% versus November’s 10% rise.
The positive data has so far failed to draw stronger buying pressure for the AUD, leaving AUD/USD just below resistance at 0.7639 – the lower end of the channel represented by trendlines connecting Jan. 11 and Jan. 18 lows and Jan. 6 and Jan. 14 highs.
The odds appear stacked against a convincing move above the technical resistance. With the US President Joe Biden reportedly willing to compromise on certain aspects of the coronavirus aid package, the actual size of the spending program could be less than the expected figure of $1.9 trillion
The US ADP Employment report and the ISM Non-Manufacturing topped estimates on Wednesday, signaling economic recovery and pushing Treasury yields higher. The 10-year yield jumped seven basis points to 1.15% in the USD-positive manner.
Technical levels
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