AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 1.31% against the USD to close at 0.7316.
LME Copper prices declined 0.19% or $6.0/MT to $1547.0/MT. Aluminium prices declined 0.19% or $10.0/MT to $5140.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7256, with the AUD trading 0.83% lower from yesterday’s close.
Early this morning, data revealed that Australia’s Westpac consumer confidence index surprisingly surged 7.80% on a monthly basis to a level of 99.50 in August, after recording a fall of 3.2% in the previous month. Wage Price Index rose 0.6% QoQ for the June quarter, in-line with market expectations.
The pair is expected to find support at 0.7195, and a fall through could take it to the next support level of 0.7134. The pair is expected to find its first resistance at 0.7338, and a rise through could take it to the next resistance level of 0.7419.
Investors would now look forward to speech by the RBA Deputy Governor Philip Lowe, due in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
