AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 1.37% against the USD to close at 0.7368.
LME Copper prices declined 0.33% or $16.0 /MT to $4810.0 /MT. Aluminium prices declined 0.16% or $2.5 /MT to $1599.0 /MT.
In the Asian session, at GMT0300, the pair is trading at 0.7375, with the AUD trading 0.09% higher from Friday’s close.
Over the weekend, in China, Australia’s largest trading partner, data showed that the nation’s trade surplus widened to a level of CNY298.0 billion in April, compared to a trade surplus of CNY194.60 billion in the prior month. Market anticipation was for the nation to record a trade surplus of CNY254.95 billion. Meanwhile, the nation’s exports advanced less-than-expected by 4.1% and imports surprisingly declined by 5.7%, on an annual basis in April.
The pair is expected to find support at 0.7339, and a fall through could take it to the next support level of 0.7302. The pair is expected to find its first resistance at 0.7410, and a rise through could take it to the next resistance level of 0.7445.
Moving ahead, market participants will look forward to China’s consumer price index data for April, scheduled to release in the early hours tomorrow.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
