AUDUSD Movement
On Friday, the AUD weakened 0.17% against the USD to close at 0.7445.
LME Copper prices declined 0.26% or $14.5/MT to $5561.5/MT. Aluminium prices rose 0.21% or $3.5/MT to $1652.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7452, with the AUD trading 0.09% higher from Friday’s close.
Earlier today, the trade surplus of China, Australia’s biggest training partner, narrowed more than expected to $45.61 billion in June, from prior month’s level of $59.49 billion. Markets were expecting it to decrease to $55.70 billion in June. On the other hand, the nation’s exports rebounded 2.8% YoY, for the first time in four months in June, reversing market expectations for a 0.2% drop and following a revised drop of 2.8% in the previous month.
The pair is expected to find support at 0.7408, and a fall through could take it to the next support level of 0.7365. The pair is expected to find its first resistance at 0.7497, and a rise through could take it to the next resistance level of 0.7542.
Going forward, investors would focus on the NAB’s business conditions and confidence indices data, scheduled in the early hours tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
