- Aussie dollar remained under a bearish pressure vs the US Dollar and recently failed near 0.7500.
- There is a bearish trend line formed on the hourly chart of the AUDUSD, which prevented the upside move and pushed it down.
- Australian trade balance released by the Australian Bureau of Statistics posted a trade deficit of -2,163M, better than the forecast of -2,900M in March 2016.
- Australian Retail Sales was also released, which posted an increase of 0.4% in March 2016.
The Aussie dollar after falling sharply closer to the 0.7445 managed to gain bids vs the US Dollar and recovered. However, the upside move stalled near a bearish trend line formed on the hourly chart of the AUDUSD.
Currently, the pair is trading below the 50 hourly simple moving average, and looks poised for a down move towards the last swing low of 0.7445. If there is a break, then a new low may be formed.
On the upside, the highlighted trend line and resistance area may continue to act as a hurdle for the bulls.
Australian Trade Balance
Today in Australia, the trade balance, which is the difference in the value of its imports and exports of Australian goods was released by the Australian Bureau of Statistics. The forecast was slated for a trade deficit of -2,900M in March 2016, but the outcome was better as it came in at -2,163M.
The report pointed out that “seasonally adjusted terms, the balance on goods and services was a deficit of $2,163m in March 2016, a decrease of $881m (29%) on the deficit in February 2016“.
Overall, the Aussie dollar may remain under a bearish pressure vs the US Dollar, and might trade further lower.