AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.24% against the USD and closed at 0.7611.
On the data front, in China, Australia’s largest trading partner, the leading economic index rose 0.70% MoM in July, after recording a rise of 0.50% in the previous month.
LME Copper prices declined 0.27% or $13.0/MT to $4719.0/MT. Aluminium prices rose 0.06% or $1.0/MT to $1653.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7606, with the AUD trading 0.07% lower against the USD from yesterday’s close.
Early morning data indicated that, Australia’s construction work done dropped 3.7% on a quarterly basis in 2Q 2016, higher than market expectations for a drop of 2.0% and after recording a revised drop of 0.3% in the prior quarter.
The pair is expected to find support at 0.7584, and a fall through could take it to the next support level of 0.7561. The pair is expected to find its first resistance at 0.7642, and a rise through could take it to the next resistance level of 0.7677.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
