AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.28% against the USD and closed at 0.6923.
LME Copper prices rose 0.7% or $36.0/MT to $5,499.0/MT. Aluminium prices climbed 1.8% or $26.5/MT to $1,526.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.69, with the AUD trading 0.33% lower against the USD from yesterday’s close.
Overnight data showed that Australia’s trade surplus narrowed to A$8.8 billion in April, less than market forecast for a surplus A$7.5 billion and compared to a surplus of A$10.60 billion in the previous month. Moreover, retail sales fell 17.7% on a monthly basis in April, less than market anticipations and compared to a drop of 17.9% in the previous month. .
The pair is expected to find support at 0.6852, and a fall through could take it to the next support level of 0.6805. The pair is expected to find its first resistance at 0.6952, and a rise through could take it to the next resistance level of 0.7005.
Moving forward, traders would keep a watch on Australia’s AiG performance of services index for May, slated to release overnight.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
