FXWIREPRO: AUD/USD Spikes Above 0.77 Handle on Upbeat Chinese Exports Data, Momentum Bullish

FXWIREPRO: AUD/USD Spikes Above 0.77 Handle on Upbeat Chinese Exports Data, Momentum Bullish

13 April 2016, 07:54
Roberto Jacobs
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FXWIREPRO: AUD/USD Spikes Above 0.77 Handle on Upbeat Chinese Exports Data, Momentum Bullish

  • Aussies bulls received fresh impetus from stronger than expected Chinese trade data. 
  • Data showed imports picking-up pace in Australia’s biggest export destination, highlighting improved Chinese external demand. 
  • AUD/USD spikes through 0.77 handle post data, hit fresh monthly highs at 0.7716 and has pared some gains to currently trade at 0.77 levels. 
  • Our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-breaks-strong-trendline-resistance-at-07595-targets-077-192963) has almost hit final target.  
  • Focus remains on the US retail sales and PPI releases due later today for fresh direction along with Thursday’s inflation report.

Recommendation: Book partial profits, raise stops to 0.7650, target 0.7770

The material has been provided by InstaForex Company - www.instaforex.com



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