AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.30% against the USD to close at 0.9338.
LME Copper prices declined 1.1% or $ 81.5/MT to $ 7030.5/MT. Aluminium prices rose 0.3% or $5.0/MT to $ 1967.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9361, with the AUD trading 0.25% higher from yesterday’s close.
Data released from China, Australia’s largest trading partner revealed that the house price index in China climbed 4.2% in June, compared to a 5.6% rise reported in the previous month. However, the China MNI business sentiment index rose sharply to a level of 58.2 in July, from a level of 55.0 in the previous month.
The pair is expected to find support at 0.9332, and a fall through could take it to the next support level of 0.9304. The pair is expected to find its first resistance at 0.9391, and a rise through could take it to the next resistance level of 0.9422.
In the next week, traders would keenly await the crucial consumer prices data, slated to release on Wednesday. Elsewhere, speeches from RBA Governor Glenn Stevens and RBA Assistant Governor Guy Debelle would also seek investor interest.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
