AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.75% against the USD to close at 0.7635.
LME Copper prices rose 0.60% or $34.5/MT to $5755.5/MT. Aluminium prices rose 1.18% or $19.5/MT to $1666.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7645, with the AUD trading 0.13% higher from yesterday’s close.
Early morning data showed that Australia’s trade deficit narrowed to A$2751 million in May, following a deficit of A$4136 million in April, while the markets expected the nation to register a deficit of A$2225 million in May.
The pair is expected to find support at 0.7602, and a fall through could take it to the next support level of 0.756. The pair is expected to find its first resistance at 0.7714, and a rise through could take it to the next resistance level of 0.7783.
Moving ahead, investors would keep a close eye on Australia’s retail sales data, scheduled in the early hours tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
