AUD/USD: Australia’s construction sector activity expanded at its weakest pace in June


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.05% against the USD and closed at 0.7388.

LME Copper prices declined 0.9% or $59.5/MT to $6399.5/MT. Aluminium prices rose 0.3% or $6.5/MT to $2127.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7380, with the AUD trading 0.11% lower against the USD from yesterday’s close.

Overnight data revealed that Australia’s AIG performance of construction index declined to a level of 50.6 in June, compared to a reading of 54.0 in the previous month.

The pair is expected to find support at 0.7359, and a fall through could take it to the next support level of 0.7337. The pair is expected to find its first resistance at 0.7405, and a rise through could take it to the next resistance level of 0.7429.

Moving forward, investors would await Australia’s NAB business confidence index, as well as the Westpac consumer confidence index and consumer inflation expectations, set to release next week.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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