AUD/USD: Chinese Imports Data Fuels Concerns For Aussie

AUD/USD: Chinese Imports Data Fuels Concerns For Aussie

For the 24 hours to 23:00 GMT, AUD strengthened 0.37% against the USD to close at 1.0271.

LME Copper prices declined 0.4% or $28.5/MT to $7671.0/MT. Aluminium prices declined 0.9% or $17.5/MT to $1910.5/MT.

In the Asian session, at GMT0400, the pair is trading at 1.0243, with the AUD trading 0.27% lower from yesterday’s close, after economic data revealed that China’s import declined higher-than-expected, damping the outlook for Australia’s overseas shipments of commodities, as China features as the top destination for Australian exports of iron ore and other commodities.

The pair is expected to find support at 1.0222, and a fall through could take it to the next support level of 1.0201. The pair is expected to find its first resistance at 1.0278, and a rise through could take it to the next resistance level of 1.0313.