by Chris Becker
The latest trade figures were announced a few moments ago and the Aussie dollar is tanking on the print, dropping down to the 79 cent level against USD:
For context, here’s the daily chart – note clear resistance at 80 cents with two topping candles (the thin red wicks above 80 cents) that predate this move down. There’s daylight below to 77.25 or so:
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The print was a big miss on expectations at only an $865 million surplus instead of the expected $1.8 billion. The prior result for June was also revised down to $2 billion from $2.4billion – a 20% reduction!