AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 1.45% against the USD to close at 0.7382.
LME Copper prices declined 0.09% or $4.5/MT to $ 5215.5 /MT. Aluminium prices declined 1.04% or $16.5/MT to $ 1577.5 /MT.
In the Asian session, at GMT0300, the pair is trading at 0.7366, with the AUD trading 0.21% lower from yesterday’s close.
Earlier this morning, in China, Australia’s largest trading partner, the Caixin/Markit’s services PMI rose to a level of 53.80 in July, compared to a reading of 51.80 in the previous month.
The pair is expected to find support at 0.7292, and a fall through could take it to the next support level of 0.7218. The pair is expected to find its first resistance at 0.7435, and a rise through could take it to the next resistance level of 0.7504.
The currency pair is trading between 20 Hr and 50 Hr moving averages.
