FxWirePro: AUD/USD trades rangebound, poor Trade data and RBA inaction leave Aussie depressed

AUD/USD chart - Trading View 

AUD/USD was trading 0.15% lower o the day at 0.7746 at around 05:05 GMT, bias neutral.

The Australian dollar was left depressed after RBA inaction and Australian Trade Surplus missed expectations in March.

The Reserve Bank of Australia (RBA) keeps its Cash Rate unchanged at 0.10% while also reiterating the 3-year bond yield target as 0.10%. 

On the data front, Australia’s headline Trade Balance for March dropped below 7529M prior and 8000M market consensus to 5574M. 

Details of the report showed that the Imports eased from 5.0% to 4.0% while Exports came in at -2.0% against -1.0% previous reading.

Earlier in the day, Aussie weekly consumer sentiment improved from 112.4 to 112.7. Home Loans and Investment Lending for Homes also came in strong. 

Challenges to the market sentiment keeps pressure on the risk assets. Technical bias for the major also points to the downside after recovery attempts were rejected at daily cloud.

21-EMA is strong support at 0.7725. Break below could drag the pair lower till 110-EMA at 0.7622. Upside resumption only above daily cloud.