AUD/USD little changed near 0.7680 post-Aus trade

The AUD/USD pair keeps range near the upper bound of today’s trading range, as investors digest the latest upbeat Australian trade balance data.

AUD/USD: 0.7700 closer?

Currently, the AUD/USD pair now trades modestly flat at 0.7677, flirting with session tops previously posted at 0.7683. The bulls seem little impressed by narrower-than expected Australian trade balance figures, which showed that the trade deficit shrank to AUD -2.41bln in July versus AUD -2.70bln expected and AUD -3.19bln last.

The Aussie is confined in a narrow range largely on the back of increased nervousness as we head towards the releases of China’s trade report, which is likely to have significant impact on the AUD. China is Australia’s top export destination.

Meanwhile, markets also look forward to Friday’s inflation figures from China for fresh impetus on the major.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.7691 (Sept 6 high) above which gains could be extended to the next hurdle located at 0.7750 (round figure). On the flip side, the immediate support located at 0.7637 (5-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7592/85 (50-DMA/Aug 22 low).