2 August AUDUSD Technical Analysis: AUD slipped lower on a Trade Balance release


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  

Trend: Bearish  

Support

Support 1: 0.7378 (current day low)

Support 2: 0.7358 (previous week low)

Support 3: 0.7317 (four week low)  

Resistance

Resistance 1: 0.7410 (current day high)

Resistance 2: 0.7400 (major technical level)

Resistance 3: 0.7440 (current week high)

Disclaimer

This article 2 August AUDUSD Technical Analysis was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you, then this should be solely at your discretion, and GKFX will not be held accountable in any way.

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