Australia Balance of trade for October 5.953B vs 4.550B estimate

• Prior month 4.609B
• Balance of Trade 5.953B vs 4.550B est
• Good/Services Import 0.1% vs -3.1% last month
• Goods/Services export 3.6% vs -4.3% last month

Both imports and exports move back into positive territory after sharp declines last month. Trrade surpluse is stronger than expectations as well.

The AUDUS has moved marginally higher from 0.6421 to 0.6429 currently.

The price moved and stayed below a swing area between 0.6433 and 0.6442. The corrective high in the US session stalled out at 0.64427 – just above the high of the swing area – before returning back to the downside and moving lower in the first few hours of trading today.

Getting back above the swing area floor above 0.6442 would be needed to increase the bullish bias from a technical perspective. Absent that, and the sellers remain more in control with the low prices from 2024 targeted at 0.6363 and 0.63478.

This article was written by Greg Michalowski at www.forexlive.com.