Australian Trade Deficit worse than expected, but AUDUSD unchanged

The worse than expected Australian trade deficit has done little to move the AUDUSD which remains bid at the top of the recent range. Forecast was was a deficit of A$850 Mln but the number came in at A$-1524 Mln.

Look for the AUDUSD to remain bid going into the RBA decision this afternoon. However Im of the belief that they will leave rates on hold one more time.

8860 the major level on top to watch. Intraday support at 8730 area, under that we see it back to major support at 8550. Market will wait and see before comitting.