AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.21% against the USD to close at 0.9357.
LME Copper prices declined 0.3% or $18.0/MT to $7033.0/MT. Aluminium prices rose 1.22% or $25.5/MT to $2108.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9352, with the AUD trading tad lower from yesterday’s close.
On the macro front, the private sector credit in Australia climbed 0.4% in July, on a monthly basis, compared to an advance of 0.7% in the prior month. Markets were anticipating the private sector credit to advance 0.5% in July.
The pair is expected to find support at 0.9337, and a fall through could take it to the next support level of 0.9321. The pair is expected to find its first resistance at 0.9372, and a rise through could take it to the next resistance level of 0.9391.
Going forward, RBA’s interest rate decision along with Q2 GDP data will be some crucial economic releases in Australia scheduled next week.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
