AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.59% against the USD to close at 0.9437.
LME Copper prices edged up 0.5 % or $35.0/MT to $7050.0/MT. Aluminium prices rose 1.3% or $24.5/MT to $1862.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9377, with the AUD trading 0.64% lower from yesterday’s close, after the RBA Governor, Glenn Stevens, citing the negative impact of Australia’s trade-exposed sectors, reiterated that the Aussie has still remained at an “uncomfortably high” level. Negative sentiment was also fuelled after an official data revealed that retail sales in Australia unexpectedly fell 0.5% (MoM) in May, recording its weakest reading since July 2012. A separate report from the Australian Industry Group (AiG) revealed that its index measuring the performance of Australian service sector fell to a level of 47.6 in June , while building permits in the nation jumped more-than-expected 9.9% (MoM) in May.
Meanwhile, data from China, Australia’s largest trading partner, showed that the official non-manufacturing PMI in the nation edged down to a level of 55.0 in June, while the HSBC service PMI rose to a reading of 53.1 in June, its highest reading in over a year.
The pair is expected to find support at 0.9342, and a fall through could take it to the next support level of 0.9307. The pair is expected to find its first resistance at 0.9441, and a rise through could take it to the next resistance level of 0.9505.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
