AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.14% against the USD to close at 0.6980.
LME Copper prices declined 1.08% or $47.5/MT to $4355.0/MT. Aluminium prices declined 0.99% or $14.5/MT to $1457.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7034, with the AUD trading 0.77% higher from yesterday’s close.
Early this morning, in China, Australia’s largest trading partner, data showed that the nation’s trade surplus unexpectedly widened to CNY382.1 billion in December, from CNY343.1 billion in the previous month and compared to investor expectations for it drop to CNY338.8 billion. Also, exports rebounded 2.3% YoY in December, following a decline of 3.7% in the prior month and imports fell less-than-expected by 4.0% for the same period, compared to a 5.6% fall in November.
The pair is expected to find support at 0.6966, and a fall through could take it to the next support level of 0.6898. The pair is expected to find its first resistance at 0.7076, and a rise through could take it to the next resistance level of 0.7118.
Moving ahead, market participants will closely monitor Australia’s unemployment rate data for December, scheduled to release in the early hours tomorrow, for further cues.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
