Fundamental Analysis
On Thursday, after the release of the outstanding Employment Change data for Australia, AUD/USD shot up about 35 pips, peaking over the 0.72 resistance level in a matter of minutes. However, it suddenly tumbled on a report from Reuters that China’s Dalian port banned Australian coal to a level not to exceed 12 million tonnes this year indefinitely. Since China is Australia’s biggest trading partner, and coal is one of our key exports, traders and investors quickly started to sell the Aussie (Figure 1). On Friday the Aussie made a decent comeback due to negative economic data results from the US (Figure 2).