AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.52% against the USD to close at 0.9440.
LME Copper prices rose 0.1% or $4.5/MT to $ 7065.0/MT. Aluminium prices declined 0.5% or $9.5/MT to $ 2011.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9452, with the AUD trading 0.13% higher from yesterday’s close, after data from China, Australia’s largest trade partner, revealed that manufacturing activity in the nation rose to an 18-month high reading of 52.0 in July, following a reading of 50.7 in the previous month. Markets had expected the index to rise to a reading of 51.0 in July.
The pair is expected to find support at 0.9426, and a fall through could take it to the next support level of 0.9401. The pair is expected to find its first resistance at 0.9477, and a rise through could take it to the next resistance level of 0.9503.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
