AUD/USD: Aussie trading on a stronger footing this morning


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.52% against the USD and closed at 0.6964.

LME Copper prices remained flat at $5805.0/MT. Aluminium prices rose 1.6% or $28.5/MT to $1811.5/MT.

In the Asian session, at GMT0300, the pair is trading at 0.6972, with the AUD trading 0.11% higher against the USD from yesterday’s close.

Overnight data showed that, in Australia, consumer inflation expectations eased to 3.2% in July, compared to 3.3% in the previous month. Additionally, seasonally adjusted home loan approvals dropped 0.1% on a monthly basis in May, less than market expectations. Home loan approvals had recorded a revised drop of 0.9% in the previous month.

The pair is expected to find support at 0.6931, and a fall through could take it to the next support level of 0.6890. The pair is expected to find its first resistance at 0.6993, and a rise through could take it to the next resistance level of 0.7014.

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

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