AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.87% against the USD and closed at 0.7336.
LME Copper prices rose 2.0% or $110.5/MT to $5611.0/MT. Aluminium prices rose 0.5% or $8.5/MT to $1709.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7327, with the AUD trading 0.12% lower against the USD from yesterday’s close.
Overnight data showed that Australia surprisingly posted a trade surplus of A$1243.0 million in November, recording a surplus for the first time in almost three years, as a jump in commodity prices boosted exports. The nation registered a revised trade deficit of A$1119.0 million in the previous month, while markets were expecting the nation to post a deficit of A$550.0 million.
The pair is expected to find support at 0.7284, and a fall through could take it to the next support level of 0.7241. The pair is expected to find its first resistance at 0.7363, and a rise through could take it to the next resistance level of 0.7399.
Next week, market participants will focus on Australia’s AiG performance of construction index, building approvals and retail sales data.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
