AUD/USD: Aussie extends its losses in the Asian session


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.50% against the USD and closed at 0.7427.

LME Copper prices declined 1.2% or $75.0/MT to $6308.0/MT. Aluminium prices rose 0.2% or $5.0/MT to $2140.5/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7420, with the AUD trading 0.09% lower against the USD from yesterday’s close.

Overnight data showed that, Australia’s Westpac consumer confidence index increased by 3.9% to a level of 106.1 on monthly basis in June, compared to a level of 102.1 in the prior month.

Additionally, seasonally adjusted home loan approvals unexpectedly rose 1.1% on a monthly basis in May, compared to a revised drop of 0.9% in the previous month.

The pair is expected to find support at 0.7390, and a fall through could take it to the next support level of 0.7360. The pair is expected to find its first resistance at 0.7467, and a rise through could take it to the next resistance level of 0.7514.

Going ahead, investors would await Australia’s consumer inflation expectations for July, scheduled to release overnight.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

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