FXstreet.com (San Francisco) – The slide in AUD/USD has stalled in the 1.0165 area after disappointing Chinese trade balance figures weighs heavily on risk this Tuesday in Asia.
At present, the pair is quoted down 0.3% on the day at 1.0170 vs. 1.0205 at the end of trading in New York, now hovering above ascending trend line support at 1.0155 (1 June/28 June troughs).
If the market continues to sell-off and breaks below the mentioned trend line support, there may be room for AUD/USD to run 100 pips to the top of the Daily Ichimoku cloud at 1.0070. Below there, further support is noted at the 1.0000 psychological figure. The upside appears to be capped by the 200-day EMA.