AUD/USD saw 0.7701 offered on data, needs to get above 4-hr 21 SMA

• AUD/USD up to challenge bears commitment st 0.77 the figure.
• Aussie data strong, but is it strong enough? 
• If so, technically, 0.7740 is the target, TP there? 

AUD/USD is currently testing the 0.77 handle with an offer through the figure, 0.7701 seen. The move comes on the back of the Sep trade balance data that came in at  1,745 million vs 1200 million exp and building approvals, also for Sep that arrived at +1.5% m/m, beating the expected -1.0%, (+0.2% y/y also beat the expected -2.4%).

Australia's trade surplus improves in September, building approvals rise

Currently, AUD/USD is trading at 0.7694, up 0.24% on the day, having posted a daily high at 0.7702 and low at 0.7673. The pair is looking for a break on to the 0.77 handle that would test the 21 SMA on the 4 hr sticks before 0.7733 lows of 6th October.  While the DXY remains robust and the US hold the yield advantage on the spread, commodities have performed a tad better seen in the metals. 

AUD/USD levels

Jim Langlands at FX charts explained that on the topside, the neckline of the head/shoulder formation has again combined with the 100 DMA to halt any move above 0.7700. "If this is broken, stops will be triggered and we could then see a move towards 0.7740, where I would again look to sell it, if, on the other hand, the price reverses this bid and heads lower, decent support should arrive at 0.7750 and then again 0.7720/30."