AUDUSD Movement
On Friday, the AUD weakened 0.19% against the USD to close at 0.7681.
LME Copper prices rose 0.08% or $5.0/MT to $6055.0/MT. Aluminium prices declined 0.03% or $0.5/MT to $1773.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7599, with the AUD trading 1.07% lower from Friday’s close.
Early morning data showed that in China, Australia’s biggest trading partner, trade surplus narrowed more than expected to $3.08 billion in March, compared to a surplus of $60.62 billion in the prior month. Markets were anticipating the nation to record a trade surplus of $40.20 billion.
The pair is expected to find support at 0.7554, and a fall through could take it to the next support level of 0.751. The pair is expected to find its first resistance at 0.7682, and a rise through could take it to the next resistance level of 0.7765.
Looking ahead, market participants would keep a close on Australia’s NAB business confidence data, scheduled in the early hours tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
