AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.84% against the USD and closed at 0.6962 on Friday.
LME Copper prices rose 2.5% or $135.5/MT to $5,588.0/MT. Aluminium prices climbed 1.2% or $18.5/MT to $1,553.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6974, with the AUD trading 0.17% higher against the USD from Friday’s close. Elsewhere in China, Australia’s largest trading partner, trade surplus unexpectedly widened to $62.9 billion in May, compared to a revised surplus of $45.3 billion in the previous month.
The pair is expected to find support at 0.6938, and a fall through could take it to the next support level of 0.6903. The pair is expected to find its first resistance at 0.7011, and a rise through could take it to the next resistance level of 0.7049.
Moving forward, traders would keep a watch on Australia’s NAB business confidence and business conditions indices, both for May, slated to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
