AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.13% against the USD and closed at 0.7406.
LME Copper prices declined 1.2% or $76.0/MT to $6137.0/MT. Aluminium prices declined 1.2% or $25.0/MT to $2036.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7391, with the AUD trading 0.20% lower against the USD from yesterday’s close.
Overnight data showed that Australia’s seasonally adjusted trade surplus widened more than expected to A$1873.0 million in June, amid surge in exports and imports and following a revised surplus of A$725.0 million. Market participants had anticipated the nation to post a trade surplus of A$900.0 million.
The pair is expected to find support at 0.7380, and a fall through could take it to the next support level of 0.7370. The pair is expected to find its first resistance at 0.7411, and a rise through could take it to the next resistance level of 0.7432.
Going ahead, trades will look forward to Australia’s AiG performance of services index and CBA services PMI, both for July, due to be released overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
