Aussie continues to extend losses on the day post-trade data

Author: Justin Low | Category: News

AUD/USD down to session lows of 0.7839

The pair is now leaning against the upward trendline formed in December on the hourly chart:


The upward trendline has provided a good support level for buyers on two occasions so far this year (as shown above). For buyers, this would be a key level to hold onto - otherwise the pair could start to see a reverse in fortunes.

Nearby there's also the 100-hour MA at 0.7831 for additional support.

The decline comes after an unexpected trade deficit posted earlier in the day for November's trade balance data. Meanwhile, October's trade balance was also revised from a surplus into a deficit.

But be reminded again, today there is US NFP report coming out later - so that will ultimately be the deciding factor as we close out the day.

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