AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.86% against the USD to close at 0.7340.
LME Copper prices rose 0.95% or $49.5/MT to $5239.5/MT. Aluminium prices rose 0.53% or $8.5/MT to $1609.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7332, with the AUD trading 0.11% lower from yesterday’s close.
Earlier today, in China, Australia’s biggest trading partner, the Westpac MNI consumer sentiment index edged up to a reading of 114.5 in July, from a level of 112.3 recorded in the previous month.
The pair is expected to find support at 0.7281, and a fall through could take it to the next support level of 0.7230. The pair is expected to find its first resistance at 0.7367, and a rise through could take it to the next resistance level of 0.7403.
Moving ahead, investors would keep a close eye on Australia’ building approvals data, scheduled in the early hours tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
