AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.29% against the USD and closed at 0.6970.
LME Copper prices rose 0.5% or $28.5/MT to $5832.5/MT. Aluminium prices rose 0.8% or $14.5/MT to $1766.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6972, with the AUD trading marginally higher against the USD from yesterday’s close.
Overnight data showed that Australia’s seasonally adjusted trade surplus narrowed to A$4871.0 million in April, compared to a revised surplus of A$4887.0 million in the previous month. Market participants had expected the nation recorded a surplus of A$5000.0 million.
Separately, the IMF cut Australia’s largest trade partner, China’s growth forecast citing trade tensions.
The pair is expected to find support at 0.6954, and a fall through could take it to the next support level of 0.6936. The pair is expected to find its first resistance at 0.6999, and a rise through could take it to the next resistance level of 0.7026.
Looking ahead, traders would await Australia’s AiG performance of construction index for May and home loans for April, set to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
