The AUDUSD is trading down into 0.7375 after slipping from the 0.7400 major level on a tricky Australian Trade Balance release that saw both Imports and Exports dip lower compared to the previous period. What can traders expect next? The following 2 August AUDUSD Technical Analysis will show.
2 August, GKFX – Australia’s Imports declined by -1%, while Aussie Exports contracted from 4% to 3%, leaving the Trade Balance figure lop-sided, which came in at a stellar $1.8 billion, far above the forecast $900 million, though with the contraction in imports leaving the balance of trade off-balance, traders are taking the overall reading to the downside.
Australian Retail Sales remains on the economic calendar
Friday brings Australia’s Retail Sales figures, which will be a last chance for the AUD to inspire some bullish confidence this week.
Asia session currencies are seeing a retreat in risk appetite as trade headlines take the wind out of market sentiment’s sails; US President Donald Trump confirmed he was looking to increase tariff rates on a planned $200 billion worth of Chinese goods from 10% to 25%, and broader markets are striking a cautious note in the face of rising trade tensions between the US and China, Australia’s largest trading partner.
2 August AUDUSD Technical Analysis
The Aussie is slipping into recent lows, though the AUDUSD’s rough sideways channel remains in place, and directional momentum remains limited; the current drop from near 0.7450 is likely to face quick support as major pairs revert to their opening prices for the week.
AUDUSD Chart, 15-Minute
Spot rate: 0.7381
Relative change: -0.28%
High: 0.7410Low: 0.7378
Support 1: 0.7378 (current day low)
Support 2: 0.7358 (previous week low)
Support 3: 0.7317 (four week low)
Resistance 1: 0.7410 (current day high)
Resistance 2: 0.7400 (major technical level)
Resistance 3: 0.7440 (current week high)
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