AUD/USD: Aussie extends it gains in the Asian session


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.51% against the USD and closed at 0.7273.

LME Copper prices rose 0.1% or $5.0/MT to $6210.0/MT. Aluminium prices rose 0.1% or $1.5/MT to $1951.5/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7282, with the AUD trading 0.12% higher against the USD from yesterday’s close.

Elsewhere, in China, Australia’s largest trading partner, trade surplus widened less than expected to $34.01 billion, compared to a revised surplus of $31.70 billion in the previous month.

The pair is expected to find support at 0.7245, and a fall through could take it to the next support level of 0.7207. The pair is expected to find its first resistance at 0.7310, and a rise through could take it to the next resistance level of 0.7337.

Trading trend in the Aussie today is expected to be determined by the release of Reserve Bank of Australia’s monetary policy statement, set to release overnight.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

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