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


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.14% against the USD and closed at 0.7205 on Friday.

LME Copper prices rose 0.3% or $18.0/MT to $5926.5/MT. Aluminium prices declined 1.5% or $28.0/MT to $1816.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7186, with the AUD trading 0.26% lower against the USD from Friday’s close.

Elsewhere in China, Australia’s largest trading partner, China’s trade surplus widened to $57.1 billion in December, surpassing market expectations for a surplus of $51.6 billion. The nation had posited a surplus of $44.7 billion in the prior month.

The pair is expected to find support at 0.7166, and a fall through could take it to the next support level of 0.7145. The pair is expected to find its first resistance at 0.7221, and a rise through could take it to the next resistance level of 0.7255.

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

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