AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.50% against the USD and closed at 0.6796.
LME Copper prices rose 2.3% or $126.0/MT to $5663.0/MT. Aluminium prices rose 1.2% or $20.0/MT to $1734.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6818, with the AUD trading 0.32% higher against the USD from yesterday’s close.
Overnight data showed that Australia’s seasonally adjusted trade surplus narrowed to A$7268.0 million in July, less than market consensus for a surplus of A$7000.0 million. In the previous month, the nation had recorded a revised surplus of A$7977.0 million.
The pair is expected to find support at 0.6784, and a fall through could take it to the next support level of 0.6751. The pair is expected to find its first resistance at 0.6838, and a rise through could take it to the next resistance level of 0.6859.
Going forward, investors would keep an eye on Australia’s AiG performance of construction index for August, set to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
