FxWirePro: AUD/USD rangebound at 110-EMA, Aussie depressed on downbeat China’s Trade Balance data

Chart - Courtesy Trading View 

AUD/USD was trading 0.08% higher on the day at 0.6693 at around 08:00 GMT.

The major slips lower from session highs at 0.6716 after disappointing China Trade Data.

Data released by the National Bureau of Statistics showed earlier on Wednesday that China's Trade Balance data came in weaker-than-projected.

In US Dollar terms, China’s Trade Balance has slipped sharply to $69.84B in comparison with the forecasts of $78.1B.

Exports have dropped by 8.6% vs. the consensus of 3.5%, while Imports have tumbled by 10.6% against the projections of 6.0%. 

Also, Australia reported weak Gross Domestic Product (GDP) data. The annual GDP data landed at 5.9%, lower than the expectations of 6.3% and the prior release of 3.6%. 

Australia quarterly GDP data dropped to 0.6% vs. the projections of 0.7% and the former release of 0.9%.

Poor data dents any upside in the pair. That said, US-data inspired risk-aversion has eased marginally capping downside in the pair.

Technical indicators show major trend is neutral, sideways grind likely to continue as traders await major catalysts for price action.