AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.23% against the USD and closed at 0.6918.
LME Copper prices declined 0.4% or $21.5/MT to $6,016.5/MT. Aluminium prices fell 0.5% or $8.5/MT to $1,593.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6918, with the AUD trading flat against the USD from yesterday’s close.
Overnight data showed that Australia’s trade surplus unexpectedly narrowed to A$8025.0 million in May, defying market anticipations for a surplus of A$9000.0 million and compared to a surplus of A$8800.0 million in the prior month.
The pair is expected to find support at 0.6882, and a fall through could take it to the next support level of 0.6846. The pair is expected to find its first resistance at 0.6949, and a rise through could take it to the next resistance level of 0.6980.
Moving ahead, traders would keep a watch on Australia’s AiG performance of construction index and the Commonwealth Bank services PMI, both for June, along with retail sales for May, slated to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
