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


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.71% against the USD and closed at 0.7401 on Friday.

LME Copper prices declined 0.1% or $4.0/MT to $6646.0/MT. Aluminium prices rose 0.5% or $10.0/MT to $2183/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7382, with the AUD trading 0.26% lower against the USD from Friday’s close.

Data released overnight indicated that Australia’s AiG performance of manufacturing index fell to a level of 57.4 in June, compared to a level of 57.5 in the previous month.

Elsewhere in China, Australia’s largest trading partner, Caixin/Markit manufacturing PMI index unexpectedly dropped to 51.0 in June, following a level of 51.1 in the previous month. Market participants had expected for a flat reading.

The pair is expected to find support at 0.7344, and a fall through could take it to the next support level of 0.7306. The pair is expected to find its first resistance at 0.7415, and a rise through could take it to the next resistance level of 0.7448.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

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