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


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.17% against the USD and closed at 0.7033.

LME Copper prices declined 1.0% or $58.5/MT to $6007.5/MT. Aluminium prices declined 1.4% or $25.0/MT to $1808.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7026, with the AUD trading 0.10% lower against the USD from yesterday’s close.

The pair is expected to find support at 0.7014, and a fall through could take it to the next support level of 0.7001. The pair is expected to find its first resistance at 0.7048, and a rise through could take it to the next resistance level of 0.7069.

Going forward, investor would keep an eye on Australia’s CBA manufacturing and services PMI’s for July, set to release overnight.

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

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