AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD slightly rose against the USD and closed at 0.6762.
LME Copper prices rose 0.1% or $6.5/MT to $5673.5/MT. Aluminium prices declined 0.7% or $12.5/MT to $1728.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6779, with the AUD trading 0.25% higher against the USD from yesterday’s close.
Elsewhere in China, Australia’s largest trading partner, the nation’s trade surplus narrowed to $45.06 billion in July, less than market expectations for a surplus of $42.65 billion. In the prior month, China had recorded a revised trade surplus of $50.97 billion.
The pair is expected to find support at 0.6710, and a fall through could take it to the next support level of 0.6641. The pair is expected to find its first resistance at 0.6815, and a rise through could take it to the next resistance level of 0.6852.
Going ahead, traders would closely monitor the Reserve Bank of Australia’s statement on monetary policy, set to release overnight
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
