FxWirePro: AUD/USD edges higher but bearish outlook persists

• AUD/USD  held onto overnight gains on Thursday as stronger Australian trade figures supported Australian dollar.
 

•  Australia’s goods trade surplus widened in September, driven by a surge in gold exports amid rising prices, while imports saw a modest increase.

• The Australian Bureau of Statistics reported that the goods trade surplus rose to A$3.94 billion ($2.56 billion) in September from a revised A$1.11 billion in August, broadly matching market expectations for a A$4 billion surplus.

• Exports climbed 7.9%, led by a 62.2% surge in non-monetary gold. The bullion's price rose a staggering 12% in the month.

• Immediate resistance is located at 0.6517 (SMA 20), any close above will push the pair towards 0.6553(50%fib).

• Support is seen at 0.6489 (50%fib) and break below could take the pair towards 0.6456(Lower BB).

 Recommendation: Good to sell around 0.6530, with stop loss of 0.6600 and target price of 0.6460