AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.62% against the USD and closed at 0.7263.
LME Copper prices rose 0.02% or $1.5/MT to $6066.5/MT. Aluminium prices rose 0.5% or $11.0/MT to $2127.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7245, with the AUD trading 0.25% lower against the USD from yesterday’s close.
Earlier in the session, Australia’s private sector credit climbed 0.4% on a monthly basis in July, beating market expectations for a rise of 0.3%. The private sector credit had recorded a rise of 0.3% in the prior month.
Elsewhere in China, Australia’s largest trading partner, China’s NBS manufacturing PMI unexpectedly climbed to a level of 51.3 in August, defying market expectations for a fall to a level of 51.0. In the prior month, the NBS manufacturing PMI had registered a reading of 51.2.
The pair is expected to find support at 0.7225, and a fall through could take it to the next support level of 0.7205. The pair is expected to find its first resistance at 0.7284, and a rise through could take it to the next resistance level of 0.7323.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
