AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 1.36% against the USD to close at 0.9508.
LME Copper prices rose 1.1% or $84.0/MT to $7421.5/MT. Aluminium prices rose 1.9% or $36.5/MT to $1939.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9458, with the AUD trading 0.53% lower from yesterday’s close.
Data released this morning indicated that the seasonally adjusted trade surplus in Australia narrowed to AUD28.0 million in April, from a revised surplus of AUD555.0 million recorded in March. Market had expected the trade surplus to narrow to AUD180.0 million.
The pair is expected to find support at 0.9380, and a fall through could take it to the next support level of 0.9301. The pair is expected to find its first resistance at 0.9598, and a rise through could take it to the next resistance level of 0.9737.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
