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