AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.62% against the USD and closed at 0.6987.
LME Copper prices declined 0.9% or $55.5MT to $6,489.5/MT. Aluminium prices fell 1.5% or $25.0/MT to $1,640.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6997, with the AUD trading 0.14% higher against the USD from yesterday’s close.
Overnight data showed that Australia’s Westpac consumer confidence index dropped to 87.9 in July, compared to a reading of 93.7 in the previous month..
The pair is expected to find support at 0.6939, and a fall through could take it to the next support level of 0.6882. The pair is expected to find its first resistance at 0.7036, and a rise through could take it to the next resistance level of 0.7076.
Looking ahead, traders would keep a watch on Australia’s consumer inflation expectations for July and unemployment rate for June, slated to release overnight. Additionally, news home sales for May and the NAB business confidence for 2Q 2020, will garner significant amount of investor attention.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
