AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.07% against the USD to close at 0.7671.
LME Copper prices rose 0.43% or $20.0/MT to $4643.0/MT. Aluminium prices rose 0.57% or $9.0/MT to $1582.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7682, with the AUD trading 0.14% higher against the USD from yesterday’s close, after data showed that Australia’s largest trading partner, China, reported an expansion in its trade surplus to a level of CNY346.0 billion, from a surplus of CNY342.8 billion.
Early this morning, data showed that Australia’s trade deficit narrowed to A$2410.0 million in July, compared to a revised trade deficit of A$3250.0 million in the previous month. During the period, exports rebounded 3.0%, while imports remained flat.
The pair is expected to find support at 0.7655, and a fall through could take it to the next support level of 0.7628. The pair is expected to find its first resistance at 0.7703, and a rise through could take it to the next resistance level of 0.7724.
Going ahead, investors look forward to Australia’s home loans data for July, scheduled to release in the early hours tomorrow.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
