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


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.52% against the USD and closed at 0.7403.

LME Copper prices declined 0.2% or $9.0/MT to $6173.0/MT. Aluminium prices declined 0.8% or $16.0/MT to $2104.5/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7418, with the AUD trading 0.20% higher against the USD from yesterday’s close.

Elsewhere in China, Australia’s largest trading partner, China’s trade surplus widened to $41.61 billion in June, amid rise in exports. Markets participants had expected a surplus of $27.72 billion. The nation posted a revised surplus of $24.23 billion in the previous month.

The pair is expected to find support at 0.7384, and a fall through could take it to the next support level of 0.7350. The pair is expected to find its first resistance at 0.7437, and a rise through could take it to the next resistance level of 0.7456.

Moving forward, traders would await Australia’s Westpac leading index and unemployment rate due to be released next week.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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