AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.21% against the USD and closed at 0.7020 on Friday.
LME Copper prices rose 0.3% or $18.5/MT to $5972.0/MT. Aluminium prices declined 0.5% or $8.5/MT to $1773.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7007, with the AUD trading 0.19% lower against the USD from Friday’s close.
Overnight data showed that, in Australia, the AiG performance of manufacturing index fell to a level of 49.4 in June, compared to a reading of 52.7 in the previous month. Meanwhile, in China, Australia’s largest trading partner, the Caixin/Markit manufacturing PMI contracted to a level of 49.4 in June, compared to a reading of 50.2 in the prior month.
The pair is expected to find support at 0.6992, and a fall through could take it to the next support level of 0.6976. The pair is expected to find its first resistance at 0.7027, and a rise through could take it to the next resistance level of 0.7046.
Going forward, traders would keep an eye on the Reserve Bank of Australia’s interest rate decision, set to release early morning tomorrow.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
