Trade balance weighs on AUD Index

Trade balance weighs on AUD Index

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A strong bullish continuation into a very poor number has thrown a cat amongst the pigeons. The terrible trade balance number has retraced almost the whole breakout and we are now back at the broken resistance which should now act as a robust support. But the reason for this retracement should reduce the effectiveness of this support level, the numbers really were terrible so we will need to wait to see if this level holds before adding to long positions. Gold is still trapped within an expanding triangle so there is clearly a considerable amount of indecision from gold traders. I am bullish AUD% but only is 0.9450 holds in the short term
**AUD% Index Resistance: AUDUSD 0.9450, 0.9518**
**AUD% Index Support: AUDUSD 0.9416, 0.9400**
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By John Adam
John Adam was one of the Invezz Founding Partners & Lead Editor's up until 2017. John has an unmatched breadth and depth of experience in all things investing, and we wish him the best in his pastures new.

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