AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 1.11% against the USD to close at 0.9139.
LME Copper prices rose 0.9% or $63.0/MT to $6980.0/MT. Aluminium prices rose 2.2% or $38.5/MT to $1792.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9100, with the AUD trading 0.43% lower from yesterday’s close.
In Australia, seasonally adjusted Australian Industry Group/Commonwealth Bank of Australian Performance of Services Index rose to a reading of 41.5 in June and the new home sales increased 1.6% (MoM) in May. Also, retail sales registered a 0.1% (MoM) rise in May, while the trade surplus widened to A$670.0 million in May.
Meanwhile, in China, its largest trading partner, the official non-manufacturing Purchasing Managers’ Index (PMI) eased to a reading of 53.9 in June, whereas the HSBC services PMI rose to a reading of 51.3 in June.
The pair is expected to find support at 0.9050, and a fall through could take it to the next support level of 0.8999. The pair is expected to find its first resistance at 0.9194, and a rise through could take it to the next resistance level of 0.9287.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
