Scant support on the AUD/USD chart after largest trade deficit on record

Yesterday's Q1 GDP report may have been strong but Q2 trade is looking dismal

The $3.9B April trade deficit was the largest on record and far bigger than the $2.1B expected. In addition, retail sales in April missed estimates.

As a result the Australian dollar quickly fell a half-cent.

There is very little support on the chart until around 0.7675. There is talk of orders at 0.7750/55, more at 0.7705/00, where there is an expiry today.