China trade surplus came in at $41.6 billion in June. Strong data has failed to put a bid under the Aussie dollar (a proxy for China). The AUD/USD is not getting any lift from the solid China trade data release. At press time, the currency pair is trading at 0.7418, having hit a low of 0.7399 earlier today. China USD-denominated exports rose 11.3 percent year-on-year, beating the Reuters forecast of a 10 percent rise. Meanwhile, imports spiked 14.1 percent year-on-year but missed the forecast of a 20.8 percent rise. Consequently, China registered a trade surplus of $41.61 billion in June, beating the estimate of $27.61 billion by a big margin. Moreover, the rise in China’s trade surplus, especially its surplus with the US, could only lead to a further escalation of a trade war between the two biggest economies of the world. This could be the reason for Aussie’s lackluster response. While the Aussie dollar has not done much so far, it could pick up a bid during the day ahead if the corrective rally in China’s Yuan gathers pace. AUD/USD Technical Levels Resistance: 0.7444 (June 22 high), 0.7474 (falling 100-day moving average), 0.7484 (July 9 high) Support: 0.7397 (50-day moving average), 0.7360 (July 11 low), 0.7310 (July 2 low). 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 middles on off-kilter China Trade Balance figures FX Street 5 years China trade surplus came in at $41.6 billion in June. Strong data has failed to put a bid under the Aussie dollar (a proxy for China). The AUD/USD is not getting any lift from the solid China trade data release. At press time, the currency pair is trading at 0.7418, having hit a low of 0.7399 earlier today. China USD-denominated exports rose 11.3 percent year-on-year, beating the Reuters forecast of a 10 percent rise. Meanwhile, imports spiked 14.1 percent year-on-year but missed the forecast of a 20.8 percent rise. Consequently, China registered a trade surplus of $41.61 billion in… 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.
