AUD/USD keeps gains after below-forecast Aussie trade data

• AUD/USD is holding on to moderate gains despite below-forecast Aussie trade data for November. 
• The uptick in the trade surplus coupled with risk reset could bode well for the AUD. 
• Technical charts are reporting seller exhaustion near key support. 

AUD/USD continues to trade in the green despite Australia reporting a weaker-than-expected trade data for the month of November. 

The trade surplus, the amount by which the value of a country's exports exceeds the cost of its imports, rose to A$5,800 in November, missing the expected figure of A$5,915 million, but up significantly from the preceding month's A$4,502 reading. 

Exports or outbound shipments rose 2% in November, having dropped by 5 percent in October and imports declined by 3%. 

The month-on-month uptick in the trade surplus coupled with the de-escalation of the US-Iran tensions and the S&P 500 back searching for all-time highs, may help the AUD end its four-day losing run. 

That said, gains could be moderate at best, as the market pricing for an RBA rate cut in February remains strong at over 60%. 

The currency pair is currently trading at 0.6875, representing a 0.14% gain on the day. 

The Australian currency picked up a bid near 0.6862 earlier today, having carved out a Doji candle on Wednesday, signaling seller exhaustion around 0.6858 - the 61.8% Fibonacci retracement of the rally from 0.6754 to 0.7016. 

Technical levels