AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 1.40% against the USD to close at 0.9071, amid disappointing Australian building permits data for June and dovish comments by the Reserve Bank of Australia (RBA) Governor.
LME Copper prices declined 1.6% or $108.5/MT to $6752.0/MT. Aluminium prices declined 1.1% or $18.5/MT to $1741.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9023, with the AUD trading 0.53% lower from yesterday’s close.
Economic data out this morning showed that, private sector credit in Australia rose 0.4% (MoM) in June, compared to a 0.3% rise expected by markets.
The pair is expected to find support at 0.8969, and a fall through could take it to the next support level of 0.8914. The pair is expected to find its first resistance at 0.9121, and a rise through could take it to the next resistance level of 0.9218.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
