AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.50% against the USD to close at 1.0363, after a report showed that profits for industrial companies in China, Australia’s biggest trading partner, fell 5.4% in July from a year earlier.
In the Asian session, at GMT0300, the pair is trading at 1.0354, with the AUD trading 0.09% lower from yesterday’s close, after reports showed that new home sales in Australia have fallen back into weak territory.
The Housing Industry Association (HIA) reported that new home sales fell 5.6% in July, after three consecutive months of rises.
The pair is expected to find support at 1.0332, and a fall through could take it to the next support level of 1.0309. The pair is expected to find its first resistance at 1.0390, and a rise through could take it to the next resistance level of 1.0425.
The currency pair is trading well below its 20 Hr and 50 Hr moving averages.
