Strong import data from China (reports of increased Chinese exports bode well for the Australian economy) lifted risk appetite in Asia, which means bolstering AUD, in addition the weakening JPY across the board is also partially lifting the Aud..
Note:
An August surplus(China) was the third consecutive reading above $20 billion in as many months and comes as the pace of imports rose by 35% year-on-year indicating a pick-up in activity.
In short, Aud Strength is bullish near term
Daily Chart with trend line and ew analysis
1) On the daily chart with EW, we observe that the PA may pull back near 0.9000 at b , near the lower trendline colored in purple, so as to complete the anticipated a,b, c moves , whereby c will be coincided with the last wave No.5 to be completed prior to its Bearish Descend. The Maximum lift at wave move no.5 near 0.9500-0.9600 cannot be discarded near term.
2) On the Daily Chart with Ichimoku, on the downside, we note that the 0.8900 (61.8 % Fibo) is a very strong support, and the Ichimoku Cloud top support is near the 0.8980-0.9000.Breaking these two supports will confirm its downward descend toward 0.8536 (23.6 Fibo)
On the Upside, the near term resistance is 0.9330 (Resistance 3), breaking this level will lift this pair to its historical peak near 0.9500-0.9600.
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