AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.12% against the USD to close at 0.7345.
LME Copper prices declined 0.97% or $50.5/MT to $5165.0/MT. Aluminium prices declined 1.55%% or $24.5/MT to $1553.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7376, with the AUD trading 0.42% higher from yesterday’s close, after the RBA delivered an upbeat assessment of the Australian economy. However, the central bank warned that the lower than expected population growth poses a risk on the future prospects of the economy.
In other economic news, Australia’s AIG performance of construction index climbed to 47.10 in July, after recording a reading of 46.40 in the past month. The seasonally adjusted home loan approvals rose 4.40% MoM in June, less than market expectations for an advance of 5.00%. It had a revised fall of 7.30% in the previous month.
The pair is expected to find support at 0.7334, and a fall through could take it to the next support level of 0.7291. The pair is expected to find its first resistance at 0.7400, and a rise through could take it to the next resistance level of 0.7423.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
