FxWirePro: AUD/USD trades rangebound, better-than-expected China exports data fails to impress

AUD/USD chart - Trading View 

AUD/USD was trading largely rangebound at 0.7430 at around 04:50 GMT, outlook bullish.

The pair was struggling to find direction in the Asian session, with session highs at 0.7436 and lows at 0.7424.

A better-than-expected China exports data fails to cheer Aussie bulls. AUD seems to be tracking weakness in Asian stocks.

Virus concerns and reports that Washington is mulling sanctions on some Chinese officials is keeping sentiment depressed, weighing on the antipodeans.

Data from China showed, exports jumped 21.1% y/y in dollar terms in November, beating the forecast of 12%. Imports also rose 4.5%.

Data was an indication that a recovery in the global demand was in-way despite the resurgence of coronavirus. However, upbeat data failed to convert into bids for the Aussie.

AUD/USD was trading comatose at 0.7430. Price action was grinding sideways along cloud support on the hourly charts.

Break below 5-DMA at 0.7414 will see more downside. Major trend however remains bullish. Pullbacks are likely to be shallow. Bullish invalidation only below 200W MA.