AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.30% against the USD and closed at 0.6998 on Friday.
LME Copper prices declined 0.6% or $35.0/MT to $5770.0/MT. Aluminium prices declined 0.6% or $9.5/MT to $1733.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6981, with the AUD trading 0.24% lower against the USD from Friday’s close.
Separately in China, Australia’s largest trading partner, trade surplus widened to $41.65 billion in May, following a trade surplus of $13.84 billion in the prior month. Market participants had anticipated the nation to record a surplus of $22.3 billion.
The pair is expected to find support at 0.6956, and a fall through could take it to the next support level of 0.6931. The pair is expected to find its first resistance at 0.7014, and a rise through could take it to the next resistance level of 0.7047.
Looking forward, investors would await Australia’s NAB business conditions and NAB business confidence, both for May, slated to release overnight
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
