AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.07% against the USD and closed at 0.7621.
LME Copper prices rose 0.11% or $5.5/MT to $4792.5/MT. Aluminium prices rose 0.74% or $12.0/MT to $1628.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7604, with the AUD trading 0.22% lower against the USD from Friday’s close.
In China, Australia’s largest trading partner, trade surplus expanded more-than-expected to a level of CNY342.8 billion in July, compared to a surplus of CNY311.2 in the preceding month and beating investor consensus for a surplus of CNY311.9 billion.
The pair is expected to find support at 0.7578, and a fall through could take it to the next support level of 0.7551. The pair is expected to find its first resistance at 0.7647, and a rise through could take it to the next resistance level of 0.7689.
With no major economic releases in Australia today, investors will look forward to Australia’s NAB business confidence data for July, due to release in the early hours of tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
