The trade balance released by the Australian Bureau of Statistics has been released as follows:

• Exports -3% MoM (prior +1%).
• Imports -9% MoM (prior +5%).

AUD/USD update

AUD/USD is virtually unchanged on the data a 0.6703.

AUD/USD´s bearish pennant is a compelling feature on the daily time frames and failures below 0.6720 keep the bearish bias in place as the following will illustrate.

• AUD/USD Price Analysis: Bears eye break below 0.6650

About the Trade Balance

The trade balance released by the Australian Bureau of Statistics is the difference in the value of its imports and exports of Australian goods. Export data can give an important reflection of Australian growth, while imports provide an indication of domestic demand. Trade Balance gives an early indication of the net export performance. If a steady demand in exchange for Australian exports is seen, that would turn into a positive growth in the trade balance, and that should be positive for the AUD.