For the 24 hours to 23:00 GMT, the AUD rose 0.05% against the USD and closed at 0.749.
LME Copper prices rose 0.11% or $7.5/MT to $6785.0/MT. Aluminium prices rose 0.49% or $11.0/MT to $2269.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7518, with the AUD trading 0.37% higher against the USD from yesterday’s close, following a pair of upbeat economic releases in Australia.
Data showed that Australia’s seasonally adjusted trade surplus unexpectedly widened to A$1527.0 million in March, surging to its highest level in almost a year. compared to a revised surplus of A$1349.0 million in the previous month, while markets were expecting for a surplus of A$865.0 million. Moreover, the nation’s seasonally adjusted building approvals rebounded 2.6% on a monthly basis in March, topping market expectations for a rise of 1.0%. Building approvals had fallen by a revised 4.2% in the previous month.
On the other hand, the nation’s AiG performance of services index declined to a level of 55.2 in April, compared to a level of 56.9 in the prior month.
The pair is expected to find support at 0.7490, and a fall through could take it to the next support level of 0.7461. The pair is expected to find its first resistance at 0.7542, and a rise through could take it to the next resistance level of 0.7565.
Going ahead, the Reserve Bank of Australia’s (RBA) statement on monetary policy, due to be released overnight, will be on investors’ radar.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
