AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.16% against the USD to close at 0.9373.
LME Copper prices rose 0.5% or $34.5/MT to $ 7155.0/MT. Aluminium prices rose 0.9% or $16.5/MT to $ 1910.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.939, with the AUD trading 0.18% higher from yesterday’s close, after the Westpac report revealed that Australian consumer confidence improved in June.
Meanwhile, data from China, Australia’s largest trading partner, indicated that the consumer price index in China on an annual basis rose 2.3% in June, compared to a 2.5% rise recorded in the previous month. Markets were expecting the consumer price index to rise by 2.4% in June. Moreover, the producer-price index in the nation dropped 1.1% Y-o-Y in June from a year earlier, slower than a 1.4% Y-o-Y fall in May.
The pair is expected to find support at 0.936, and a fall through could take it to the next support level of 0.9331. The pair is expected to find its first resistance at 0.9408, and a rise through could take it to the next resistance level of 0.9427.
With no more economic releases from Australia scheduled today, investors would keep a close eye on the crucial jobs data from the nation along with China’s trade balance numbers scheduled tomorrow.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
