AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.43% against the USD and closed at 0.7546. LME Copper prices rose 0.6% or $35.0/MT to $5575.5/MT. Aluminium prices rose 0.6% or $10.5/MT to $1903.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7540, with the AUD trading 0.08% lower against the USD from yesterday’s close.
Earlier today, data showed that Australia’s seasonally adjusted trade surplus narrowed more-than-expected to a level of A$555.0 million in April, hitting its lowest level in six months and compared to a revised trade surplus of A$3169.0 million in the previous month. Market anticipation was for the nation to record a trade surplus of A$2000.0 million.
Elsewhere, in China, Australia’s largest trading partner, trade surplus expanded less-than-expected to a level of CNY281.6 billion in May, compared to a surplus of CNY262.3 billion recorded in the preceding month. Additionally, the nation’s exports grew 15.5% in May, from a gain of 14.3% the previous month. Moreover, the nation’s imports expanded 22.1% in May, compared with an 18.6% rise in the prior month.
Meanwhile, the OECD marginally nudged up its growth estimates for China to 6.6% this year and 6.4% for 2018.
The pair is expected to find support at 0.7521, and a fall through could take it to the next support level of 0.7503. The pair is expected to find its first resistance at 0.7562, and a rise through could take it to the next resistance level of 0.7585.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
