When will the Australian Trade Data be released and what impact might it have on AUD/USD?
Overview of Australian Trade Figures
The Australian Bureau of Statistics is set to release November's trade data on Thursday at 00:30 GMT. The trade balance serves as an early measure of the country's net export activity. Consistent demand for Australian exports typically leads to an improved trade balance, which tends to support the Australian Dollar (AUD).
Potential Impact of Trade Data on AUD/USD
Currently, the AUD/USD pair is under pressure ahead of the trade data release, with the Australian Dollar weakening as the US Dollar (USD) gains strength. Market participants are closely monitoring upcoming US economic reports for insights into when the Federal Reserve might consider lowering interest rates.
Should the Australian trade figures surpass expectations, the AUD could see a boost. The initial resistance is near the January 6 peak at 0.6741, followed by the September 2, 2024 high at 0.6795, and then the August 29, 2024 high at 0.6823.
On the other hand, if the currency pair declines, the January 6 low at 0.6703 may provide some support. Further losses could push the pair down to the January 1 low of 0.6671, with additional support found at the December 8 low of 0.6614.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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