AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD marginally strengthened against the USD to close at 0.7413.
LME Copper prices rose 0.28% or $14.5MT to $5150.0/MT. Aluminium prices declined 0.22% or $3.5/MT to $1553.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7316, with the AUD trading 1.31% lower from yesterday’s close after the central bank of China, Australia’s largest trading partner, has moved to devalue Yuan by a record 1.9% to boost the world’s second-largest economy.
Early morning data indicated that Australia’s NAB business confidence index dropped to 4.00 in July, after two months of upbeat sentiment. The NAB business conditions index also slumped to 6.00 in July, after registering a revised reading of 10.00 in the previous month.
The pair is expected to find support at 0.7269, and a fall through could take it to the next support level of 0.7221. The pair is expected to find its first resistance at 0.7403, and a rise through could take it to the next resistance level of 0.7489.
Going forward, investors would await the release of Australia’s Westpac consumer confidence data for August, slated in the early hours of tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
