AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.84% against the USD to close at 0.9112.
LME Copper prices rose 0.8% or $60.0/MT to $7246.0/MT. Aluminium prices rose 0.6% or $11.0/MT to $1832.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9128, with the AUD trading 0.18% higher from yesterday’s close.
Australian economic data released this morning showed that the National Australia Bank (NAB) business confidence index slumped to a reading of -3.0 in July, marking an eight-month low reading, on back of cooling demand from China that clouded the outlook for the Australian economy. Additionally, NAB business conditions index stood unchanged at reading of -7.0 in July, compared to previous month.
The pair is expected to find support at 0.9077, and a fall through could take it to the next support level of 0.9026. The pair is expected to find its first resistance at 0.9201, and a rise through could take it to the next resistance level of 0.9274.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
