AUD/USD: NAB’s business confidence unexpectedly fell in 2Q 2020


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.15% against the USD and closed at 0.7143.

LME Copper prices rose 0.2% or $14.0/MT to $6,527.0/MT. Aluminium prices climbed 0.3% or $4.5/MT to $1,651.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7137, with the AUD trading 0.08% lower against the USD from yesterday’s close.

Overnight data showed that Australia’s NAB’s business confidence unexpectedly dropped to

-15.0 on a quarterly basis in the second quarter of 2020, defying market expectations for a rise to -8.0 and compared to a revised reading of -12.0 in the prior quarter.

The pair is expected to find support at 0.7105, and a fall through could take it to the next support level of 0.7074. The pair is expected to find its first resistance at 0.7175, and a rise through could take it to the next resistance level of 0.7214.

Looking ahead, traders would keep a watch on Australia’s Commonwealth Bank manufacturing and services PMIs, both for July, slated to release overnight.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

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