News

11.30am trade figure and the Aussie Dollar head and shoulder

CMC Markets

The Bureau of statistics will release Australia's July trade balance at 11.30 am. While this number only occasionally has a big market impact, the fact that it comes when the Aussie is right at the head and shoulders neck line might make this release worth watching. The consensus expectation is for a surplus of about $100m compared to $602m last month. We have averaged a $414m surplus over the past 4 months. As well as the July figure, it pays to keep an eye on any big revisions to last month's number. A really good trade result this morning could see the neck line broken and upside momentum develop as stops are triggered above that level. A bad figure might see the market giving up on the neck line for a while with a retreat back into the body of the head and shoulder


Disclaimer: CMC Markets is an execution-only service provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although we are not specifically prevented from dealing before providing this material, we do not seek to take advantage of the material prior to its dissemination.