AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.24% against the USD to close at 1.0465, on broad dollar strength.
LME Copper prices declined 1.1% or $83.0/MT to $7497.5/ MT. Aluminium prices declined 1.0% or $18.5/MT to $1843.8/ MT.
In the Asian session, at GMT0300, the pair is trading at 1.0477, with the AUD trading 0.11% higher from yesterday’s close, after trade balance in Australia rose to a surplus of A$9 million ($9.42 million) in June, from a revised A$313 million deficit in May. Additionally, on a seasonally adjusted basis, Australian retail sales rose 1.0% (MoM) in June, following a revised 0.8% rise in May.
The pair is expected to find support at 1.0428, and a fall through could take it to the next support level of 1.0378. The pair is expected to find its first resistance at 1.0535, and a rise through could take it to the next resistance level of 1.0592.
Trading trends in the pair today are expected to be determined by the release of AiG performance of service index in Australia.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
