AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD marginally declined against the USD and closed at 0.7157.
LME Copper prices declined 0.4% or $26.0/MT to $6,399.5/MT. Aluminium prices rose 0.6% or $9.5/MT to $1,671.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7165, with the AUD trading 0.11% higher against the USD from yesterday’s close.
Overnight data showed that Australia’s consumer price index fell 1.9% on a quarterly basis in 2Q 2020, less than market forecast for a drop of 2.0% and compared to a rise of 0.3% in the previous quarter.
The pair is expected to find support at 0.7127, and a fall through could take it to the next support level of 0.7089. The pair is expected to find its first resistance at 0.7189, and a rise through could take it to the next resistance level of 0.7213.
Moving ahead, traders would keep a watch on Australia’s building permits for June, slated to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
