AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.67% against the USD to close at 1.0175.
LME Copper prices rose 1.7% or $118.50/MT to $7240.5/MT. Aluminium prices rose 0.7% or $13.50/MT to $1841.5/MT.
In the Asian session, at GMT0300, the pair is trading at 1.0184, with the AUD trading marginally higher from yesterday’s close.
In China, Australia’s biggest trading partner, the merchandise trade surplus in China stood at USD18.2 billion in April, more than market estimates and compared to a USD0.9 billion deficit posted in the earlier month.
The pair is expected to find support at 1.0140 and a fall through could take it to the next support level of 1.0097. The pair is expected to find its first resistance at 1.0240 and a rise through could take it to the next resistance level of 1.0297.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
