AUD/USD: Australia’s trade surplus sharply narrowed in January


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.38% against the USD and closed at 0.7680.

LME Copper prices rose 1.8% or $104.0/MT to $6040.0/MT. Aluminium prices rose 2.1% or $39.0/MT to $1934.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7648, with the AUD trading 0.42% lower against the USD from yesterday’s close, after early morning data indicated that Australia’s seasonally adjusted trade surplus unexpectedly narrowed to a level of A$1302.0 million in January, from a revised trade surplus of A$3334.0 million in the prior month, as bad weather hit resource exports. Markets were anticipating the nation to post a surplus of A$3800.0 million.

On the other hand, the nation’s seasonally adjusted building approvals surprisingly increased 1.8% on a monthly basis in January, beating investor consensus for a fall of 0.5% and following a revised drop of 2.5% in the previous month.

The pair is expected to find support at 0.7627, and a fall through could take it to the next support level of 0.7606. The pair is expected to find its first resistance at 0.7677, and a rise through could take it to the next resistance level of 0.7706.

Looking ahead, traders will focus on Australia’s performance of services index for February, due to release tonight.

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

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