Australia is one of the largest Chinese exporters. That is why recent pessimistic news undoubtedly influenced the market. The Asian giant presented alarming figures of foreign trade balance with a significant drop in exports which resulted in world imports exponents.
The Australian dollar suffered the most losing its secondary uptrend against the dollar.
Yesterday we mentioned that AUD / USD had a very strong resistance at 1.0610 and 1.0620; given that the indicators are showing overbought position, there may be a fall for the next few days.
Therefore, a return to Fibonacci 61.8% at 1.0545 will be our entry level in short, targeted to the 1.0288 level of the moving average of 200 periods.
Both, MACD and trend indicators are showing bearish signal.
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