AUD/USD: Australia’s consumer confidence rose in July


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.42% against the USD and closed at 0.7638.

LME Copper prices rose 0.3% or $15.0/MT to $5795.0/MT. Aluminium prices declined 1.8% or $35.0/MT to $1879.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7655, with the AUD trading 0.22% higher against the USD from yesterday’s close.

Early morning data revealed that Australia’s Westpac consumer confidence index advanced to a level of 96.6 in July, following a reading of 96.2 in the previous month.

The pair is expected to find support at 0.7619, and a fall through could take it to the next support level of 0.7582. The pair is expected to find its first resistance at 0.7678, and a rise through could take it to the next resistance level of 0.7700.

Moving ahead, Australia’s consumer inflation expectation data for July, slated to release in the early hours’ tomorrow, will be on investors’ radar.

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

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