AUD/USD keeps gains above 0.7050 after Australia reports a drop in trade surplus. Australia’s imports dropped by 7% in August and imports fell by 2%. Australia’s trade surplus decreased in August, the official data released at 01:30 GMT showed. So far, however, that has failed to elicit an adverse reaction from AUD/USD. The nation’s imports tanked 7% month-on-month in August following July’s 7% rise. Meanwhile, exports fell by 2% in August, having declined by 4% in July. The trade surplus decreased to AUD 4,294 million from AUD 4,607 million. The sharp decline in inbound shipments indicates a weakening of domestic demand. Meanwhile, the consecutive monthly drop in outbound shipments indicates weak demand conditions in the global economy. The data comes a day after Australia’s retail sales for August showed a 4.2% decline in consumer spending. As such, AUD/USD is likely to have a tough time charting a strong recovery rally. The currency pair rose from 0.7042 to 0.7062 ahead of the trade data, having printed a two-month low of 0.7016 on Thursday. At press time, AUD/USD is trading near 0.7055. The pair’s daily chart shows a bearish lower high, lower low pattern, a below-50 or bearish reading on the RSI, and descending short-term moving averages. Hence, a drop to the 100-day simple moving average (SMA) support, currently at 0.70, looks likely. Technical levels 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 GBP/USD Price Analysis: Teasing a triangle breakout on 1H chart FX Street 2 years AUD/USD keeps gains above 0.7050 after Australia reports a drop in trade surplus. Australia's imports dropped by 7% in August and imports fell by 2%. Australia's trade surplus decreased in August, the official data released at 01:30 GMT showed. So far, however, that has failed to elicit an adverse reaction from AUD/USD. The nation's imports tanked 7% month-on-month in August following July's 7% rise. Meanwhile, exports fell by 2% in August, having declined by 4% in July. The trade surplus decreased to AUD 4,294 million from AUD 4,607 million. The sharp decline in inbound shipments indicates a weakening of domestic… 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.