AUD/USD at session lows; Aus trade data eyed

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AUD/USD at session lows; Aus trade data eyed

FITITOL--> FXstreet.com (San Francisco) - The Australian dollar managed to print a fresh 2 month high at 1.0320 before retreating, ending Wednesday’s trade at 1.0272 vs. 1.0280 late Tuesday after finding short term support in the 1.0260 area.

In today’s Asian session, Australian Trade Balance data for May will be risk event for AUD, with the deficit expected to widen to $500m in May from $203m in April.

Worthy of note, Chinese imports from Australia have held up well despite a slowdown in its broader economy, a trend that could have an impact in today's AU trade data; Chinese imports from Australia have climbed to a 31.3% y/y pace in May from 24.2% in April and 19.4% in March.

“The overall bias remains bullish for the pair, with short term bearish chances depending on market sentiment and increasing risk aversion,” comments Valeria Bednarik, Chief Analyst at FXstreet.com.

At the time of writing, AUD/USD is bracketed between 1.0261 and 1.0278, last quoted near the bottom of the range. Beyond the extremes, Ms. Bednarik identifies support levels at 1.0220 and 1.0180, while resistance levels lie at 1.0290, 1.0320 and 1.0360.