Forex: AUD/USD dips below 1.05; Australian building permits weak

FXstreet.com (Barcelona) - Ahead of the much anticipated China trade balance print, the Aussie is struggling to keep the 1.05 magic number in the early hours of Asia, and it continues with a worrying heavy tone after the fade breakout of 1.0530 late in the North American session. Data on Australia building approvals, up 2.9% in Nov came at 2.9% vs 5% expected, not helping the AUD.

As Valeria Bednarik, chief analyst at FXstreet.com, notes: "Despite the neutral stance seen in hourly indicators, the pair presents a bullish tone, lead by a short term ascendant trend line coming from 1.0468 Friday low. Watch for 1.0525 area to the upside and 1.0490 to the downside, to offer some follow through if broken. Still bearish movement will more likely be buying opportunities."