From the 12 January AUDUSD Intraday Technical Analysis, Chinese data has failed to boost the pair. What else does the video analysis unveil? Dig in|
12 January, HotForex – The currency pair ran peeped above 0.79 earlier today but ran into sellers at 0.7905. As of writing, AUD/USD is trading largely unchanged on the day at 0.7890 levels.
China exports (CNY terms) rose 10.8 percent in December, beating the estimate of 7.4 percent. Meanwhile, imports jumped 18.7 percent vs. forecast of 11.8 percent growth. This resulted in a trade surplus of CNY 287 billion (estimate: CNY 254 billion).
Aussie, despite being considered a proxy for China, has barely moved following the data release. The lackluster reaction could be due to overbought conditions as shown by the daily RSI.
12 January AUDUSD Intraday Technical Analysis (+Video)
AUDUSD – China Data & MA Crossovers – Aussie traded above 0.7900 for the first time since late September, logging a peak of 0.7904.
This article about 12 January AUDUSD Intraday Technical Analysis was written by Stuart Cowell, Market Analyst at HotForex. The provided article is a general marketing communication for information purposes only. It does not constitute an independent investment research. Nothing in this communication contains an investment advice or an investment recommendation. It also does not contain a solicitation for the purpose of buying or selling of any financial instrument.
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