AUD/USD: Australia’s services sector grew at a faster pace in June


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.69% against the USD and closed at 0.7608.

LME Copper prices declined 0.8% or $47.0/MT to $5847.0/MT. Aluminium prices declined 0.7% or $14.0/MT to $1903.5/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7621, with the AUD trading 0.17% higher against the USD from yesterday’s close.

Data released overnight showed that Australia’s AiG performance of services index climbed to a level of 54.8 in June, expanding for the fourth straight month and notching its highest level since December 2016. In the prior month, the index had registered a level of 51.5.

Elsewhere in China, Australia’s largest trading partner, the Caixin/Markit services PMI eased to a level of 51.6 in June, compared to a level of 52.8 in the prior month.

The pair is expected to find support at 0.7580, and a fall through could take it to the next support level of 0.7540. The pair is expected to find its first resistance at 0.7672, and a rise through could take it to the next resistance level of 0.7724.

Moving ahead, Australia’s trade balance data for May, slated to release tomorrow, will be on investors’ radar.

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

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