AUD/USD: 0.7500 was broken but bears jumped on poor trade data

Currently, AUD/USD is trading at 0.7488, up 0.11% on the day, having posted a daily high at 0.7507 and low at 0.7474.

AUD/USD has penetrated the 0.75 handle and levels that it has been attempting since late November - however, to little avail and sellers are back in taking the pair down to current aforementioned spot at the time of writing after the Aussie trade data. We had a big miss on trade balance and that does not look good for Q4 GDP after yesterday's contraction for Q3. This begs the question as to whether the RBA can really 'chill out' at the moment In respect to the greenback, the Fed is likely to hike in December and these weigh on the currency that can't seem to even catch continued bid with any conviction on the back of coal and iron ore's uptrend.

Australia Trade Balance below forecasts (-800M) in October: Actual (-1541M)

AUD/USD levels

Spot is presently trading at 0.7488, and next resistance can be seen at 0.7507 (Daily High), 0.7510 (Weekly Classic R1), 0.7512 (Daily Classic R2), 0.7531 (Daily 200 SMA) and 0.7540 (Daily Classic R3). Next support to the downside can be found at 0.7486 (Daily Classic R1), 0.7485 (Yesterday's High), 0.7480 (Weekly High), 0.7480 (Daily Open) and 0.7476 (Daily 20 SMA).