AUD/USD fails to take out 1-hour 50-MA hurdle despite upbeat Aussie trade data

The bid tone around the AUD gathered pace after Australia reported a bigger-than-expected trade surplus for May, however, the gains in the AUD/USD have been capped by the downward sloping 1-hour 50-MA stationed at 0.7609 levels.

Trade surplus blows past expectations

Australia trade surplus in May widened to AUD 2.471 billion, beating the estimated figure of AUD 1.10 billion. Seasonally adjusted exports jumped 9% m/m, while imports rose 1% m/m. 

Aussie 10-year yield remains flat

The benchmark yield isn’t cheering the super strong trade data. It still trades largely unchanged on the day around 2.59%, which explains the failure on the part of the Aussie bulls to cut through the 1-hour 50-MA level of 0.7609.

AUD/USD Technical Levels

The spot was last seen trading around 0.76 handle. A convincing break above 0.7609 (1-hour 50-MA) would open doors for 0.7626 (1-hour 200-MA) and 0.7642 (1-hour 100-MA). On the downside, a break below Tuesday’s low of 0.7591 would shift risk in favor of a re-test of 0.7571 (previous day’s low) and 0.7552 (50-DMA).