AUD/USD: Australia’s trade surplus sharply widened in May


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD slightly declined against the USD and closed at 0.7607.

LME Copper prices declined 0.5% or $29.0/MT to $5818.0/MT. Aluminium prices rose 0.5% or $9.5/MT to $1913.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7600, with the AUD trading 0.09% lower against the USD from yesterday’s close.

Earlier in the session, data revealed that Australia’s seasonally adjusted trade surplus widened more-than-expected to a level of A$2471.0 million in May, amid a surge in exports and following a revised trade surplus of A$90.0 million in the previous month. Market anticipation was for the country’s trade surplus to expand to A$1100.0 million.

The pair is expected to find support at 0.7570, and a fall through could take it to the next support level of 0.7540. The pair is expected to find its first resistance at 0.7631, and a rise through could take it to the next resistance level of 0.7662.

Going ahead, investors will focus on Australia’s AiG performance of construction index for June, slated to release overnight.

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

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