AUD/USD: Australia’s trade surplus unexpectedly widened in August


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 1.17% against the USD and closed at 0.7104.

LME Copper prices rose 0.2% or $1.0/MT to $6275.0/MT. Aluminium prices rose 4.2% or $86.5/MT to $2166.5/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7093, with the AUD trading 0.15% lower against the USD from yesterday’s close.

Overnight data showed that Australia’s seasonally adjusted trade surplus unexpectedly widened to A$1604.0 million in August, following a revised surplus of A$1548.00mn in the previous month. Furthermore, the CBA services PMI climbed to a level of 52.2 in September, compared to a reading of 51.8 in the preceding month.

The pair is expected to find support at 0.7057, and a fall through could take it to the next support level of 0.7021. The pair is expected to find its first resistance at 0.7163, and a rise through could take it to the next resistance level of 0.7233.

Moving ahead, investors would keep an eye on Australia’s AiG performance of construction index for September and retail sales data for August, scheduled to release overnight.

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

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