AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.17% against the USD and closed at 0.7193. LME Copper prices rose 0.5% or $27.0/MT to $5850.0/MT. Aluminium prices rose 0.3% or $6.0/MT to $2046.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7203, with the AUD trading 0.14% higher against the USD from yesterday’s close.
Overnight data showed that Australia’s seasonally adjusted trade surplus narrowed to a level of A$1551.0 million in July, driven by rise in imports and following a revised surplus of A$1937.0 million in the prior month. Market participants had anticipated the nation to record a trade surplus of A$1450.0 million.
The pair is expected to find support at 0.7160, and a fall through could take it to the next support level of 0.7117. The pair is expected to find its first resistance at 0.7231, and a rise through could take it to the next resistance level of 0.7259.
Trading trend in the Aussie is expected to be determined by Australia’s AiG performance of construction index for August and home loans for July, set to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
