• AUD/USD edged higher on Thursday as the Australian dollar was supported by stronger-than-expected trade data.
• The Australian Bureau of Statistics reported that the goods trade surplus surged to A$5.4 billion in June, up from a revised A$1.6 billion in May, and well above market expectations of A$3.4 billion.
•Exports rose 6% in June, driven by a 37% jump in non-monetary gold, while imports fell 3.1% due to weaker demand for industrial transport equipment, machinery, and cars.
• Meanwhile, markets largely shrugged off Trump’s latest tariff threats, including a proposed 25% tariff on India for buying Russian oil and a potential 100% duty on semiconductor chips.
• Attention now turns to the upcoming U.S. initial jobless claims data due Thursday, with consensus expectations set at 221,000. Any surprise could influence short-term USD direction.
• Immediate resistance is located at 0.6536(38.2%fib), any close above will push the pair towards 0.6632(Higher BB)
• Support is seen at 0.6466(Aug 6th low) and break below could take the pair towards 0.6415(50%fib).
Recommendation: Good to sell around 0.6530 with stop loss of 0.6650 and target price of 0.6460
