AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.18% against the USD to close at 1.0501.
In China, the leading index fell to a reading of 99.28 in June, compared to a reading of 99.58 in May.
LME Copper prices declined 0.5% or $35.3/MT to $ 7519.5/ MT. Aluminium prices declined 0.5% or $8.5/MT to $ 1851.3/ MT.
In the Asian session, at GMT0300, the pair is trading at 1.0528, with the AUD trading 0.26% higher from yesterday’s close, after better-than-expected building approvals data supported positive investor sentiment.
Data released in Australia this morning showed that the building approvals fell to a seasonally adjusted 2.5% in June, less than the expectation of a 14.2% decline, and from 27.0% rise in the previous month. Separately, private sector credit rose to a seasonally adjusted 0.3% (MoM) in June, from 0.5% in the previous month.
The pair is expected to find support at 1.0472, and a fall through could take it to the next support level of 1.0417. The pair is expected to find its first resistance at 1.0560, and a rise through could take it to the next resistance level of 1.0593.
Trading trends in the pair today are expected to be determined by the release of AiG performance of manufacturing index in Australia.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
