Flash: Poor China trade data reaffirms bearish AUD view - UBS

FXstreet.com (Córdoba) - The AUD/USD fell around 0.6% to 0.9120 levels following disappointing China trade data, "but subsequently rebounded slightly above 0.92 levels as markets took profit on their elevated short-AUD speculative positions", says the UBS analyst team.

"Notwithstanding potential near-term short-covering, we expect the AUDUSD to meet with strong resistance at the 0.93 – 0.94 levels, and continue to expect the pair to decline into a 0.85 - 0.90 range in the coming months", UBS comments.