AUD/USD Technical Analysis: Trapped in a falling channel on 15-min chart ahead of China trade data

• Trapped in a falling channel on the 15-minute chart, the AUD/USD is currently trading at 0.7268.
• A break above the upper edge of the channel would validate yesterday’s bullish close above the 100-day exponential moving average (EMA) and could yield a convincing move above 0.73.  
• A downside break could yield a deeper pullback to the ascending 5-day EMA, currently at 0.7236. The pullback, however, could be short-lived as the 5-, 10-day EMAs are trending north and the 14-day RSI is printing bullish above 50.00.
• A better-than-expected China trade surplus may boost risk appetite and lift the AUD well above the falling channel resistance. A sustained rally, however, could be seen if the details reveal a sharp rise iron ore and copper imports (two of Australia’s top exports).

15-minute chart

Trend: Neutral