AUD/USD: Aussie extends losses in the morning session


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.64% against the USD and closed at 0.7619.

LME Copper prices rose 1.38% or $98.5/MT to $7245.0/MT. Aluminium prices rose 0.58% or $13.5/MT to $2331.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7616, with the AUD trading slightly lower against the USD from yesterday’s close.

Meanwhile, in China, Australia’s largest trading partner, trade surplus unexpectedly narrowed to $24.9 billion in May, compared to a revised surplus of $28.4 billion in the previous month.

The pair is expected to find support at 0.7598, and a fall through could take it to the next support level of 0.7579. The pair is expected to find its first resistance at 0.765, and a rise through could take it to the next resistance level of 0.7683.

Moving ahead, investors would look forward to the release of Australia’s Westpac consumer confidence index and unemployment rate, due next week.

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

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