AUDUSD Movement
On Friday, the AUD weakened 0.72% against the USD to close at 0.7623.
LME Copper prices declined 0.50% or $29.5/MT to $5924.5/MT. Aluminium prices declined 0.24% or $4.0/MT to $1693.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7618, with the AUD trading 0.07% lower from Friday’s close.
Earlier today, in China, Australia’s biggest trading partner, data showed that trade surplus edged up to a level of $59.49 billion in May, from $34.13 billion in June.
The pair is expected to find support at 0.7567, and a fall through could take it to the next support level of 0.7517. The pair is expected to find its first resistance at 0.7699, and a rise through could take it to the next resistance level of 0.7781.
On account of a holiday in Australia, investors would shift their focus to tomorrow’s NAB’s business confidence/condition indices data.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
