The Trade Balance has been released as follows:

• Australia Trade Balance Oct: A$12.217Bln (est A$ 12Bln, prev A$12.444Bln).
• Exports MoM Oct: -1% (est 1%, prev 7%).
• Imports MoM Oct: -1% (est 2%, prev 0%).

AUD/USD update

AUD/USD is sliding following the data, down some 0.2% and making a low of 0.6709 so far for the session. 

Technically, the price is bearish while below the prior trendline support and pressured by supply at a key daily resistance area. 

About the Trade Balance

The data that is 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.