AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.67% against the USD and closed at 0.7462.
LME Copper prices declined 0.76% or $37.5/MT to $4900.5/MT. Aluminium prices declined 2.07% or $34.0/MT to $1609.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7473, with the AUD trading 0.15% higher against the USD from yesterday’s close.
Early morning data indicated that, Australia’s business confidence index fell to a level of 2.0 in 2Q 2016, after recording a level of 4.0 in the prior quarter. Additionally, RBA reported that the foreign exchange transaction surplus in Australia widened to AUD 1720.00 million in June, after registering a surplus of AUD 909.00 million in the past month.
The pair is expected to find support at 0.7446, and a fall through could take it to the next support level of 0.7418. The pair is expected to find its first resistance at 0.7505, and a rise through could take it to the next resistance level of 0.7536.
With no economic releases in Australia today, market sentiments would be governed by global macroeconomic news.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
