FxWirePro: AUD/USD trades flat, retains downside bias

• AUD/USD remained broadly flat on Thursday as trading was relatively subdued, with investors digesting weaker-than-expected Australian trade data.

• The Australian Bureau of Statistics reported the balance on goods recorded a surplus of A$495 million ($343.73 million) in August, down from a revised A$1.4 billion in July. That was well below forecasts of a A$2.0 billion surplus.

•Exports rose 3.7%, with non-monetary gold up 20%. Overall imports jumped 5.8%, led by a 79% rise in ADP equipment used in data centers, and a rise in aircraft shipments.

• Meanwhile, the failure to restore an interim ceasefire between Iran and its counterparts kept geopolitical risks elevated, with WTI crude around $89.18 a barrel. The US dollar index remained broadly flat.

• Immediate resistance is located at 0.6978(38.2%fib), any close above will push the pair towards 0.7069(50%fib).

• Support is seen at 0.6929(Lower BB) and break below could take the pair towards 0.6873 (23.6%fib ).

 Recommendation: Good to sell around 0.6950, with stop loss of 0.7000 and target price of 0.6870