AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.24% against the USD to close at 0.9386 following upbeat data from the US.
LME Copper prices declined 0.2% or $16.0/MT to $ 7116.0 /MT. Aluminium prices declined 0.7% or $13.5/MT to $ 1974.0 /MT.
In the Asian session, at GMT0300, the pair is trading at 0.9379, with the AUD trading 0.07% lower from yesterday’s close.
Earlier this morning, data from China, Australia’s biggest trading partner showed that the Westpac-MNI consumer sentiment index in the nation rose to 114.8 in July from a reading of 112.6 reported a month ago.
The pair is expected to find support at 0.9366, and a fall through could take it to the next support level of 0.9354. The pair is expected to find its first resistance at 0.9398, and a rise through could take it to the next resistance level of 0.9418.
Amid lack of economic releases today, investors would wait for a slew of data from Australia scheduled earlier tomorrow.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
