AUD/USD pops on soaring trade balance, but Friday's RBA statement still in the pipe

• Aussie bumps on better-than-expected trade balance figures.
• RBA still has one more chance to send the Aussie lower before the end of the week.

The AUD/USD is catching a ride from an upside beat in Trade Balance figures and the pair is trading into 0.7520 on reaction.

Aussie balance of trade swings for more

The Australian Trade Balance data come in at a wide 1.527 billion surplus, clearing the previous reading of $825 million and a far stretch over the anticipated final reading of $650 million.

Australia's trade surplus unexpectedly expanded in April

Little else remains on the Aussie's docket for the day, but the Reserve Bank of Australia (RBA) will be giving their Monetary Policy Statement at 01:30 GMT Friday, and traders will be listening in to see if the RBA can shake their recent dovish tones.

On the US side will be Jobless Claims at 12:30 GMT followed by Markit PMIs at 14:00 GMT. Jobless Claims are expected to inch upwards slightly, while the Markit Composite PMI is forecast at 55.2, versus the previous reading of 54.8.

AUD/USD levels to watch

As noted by Jim Langlands, "If we do see a near term squeeze higher, minor resistance will be seen at 0.7500 and then again at 0.7520, ahead of the session high at 0.7536 and 0.7545/50 and then at 0.7575, although this looks rather doubtful to be seen again today selling rallies is preferred. The longer term charts remains heavy and would seem to have further losses to come in the days ahead and a break of 0.7470 would then head towards minor support levels taking us down to 0.7400, although there really is not too much to hold it up ahead of the 1 June 2017 low at 0.7371."