AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 1.23% against the USD and closed at 0.7598.
LME Copper prices declined 0.19% or $9.0/MT to $4853.0/MT. Aluminium prices rose 1.13% or $18.0/MT to $1616.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7593, with the AUD trading 0.07% lower against the USD from Friday’s close.
Overnight data indicated that Australia’s AiG performance of manufacturing index advanced to a level of 56.4 in July, following a level of 51.8 in the previous month.
Early this morning, the nation’s HIA new home sales rose by 8.2% MoM in June, after recording a drop of 4.4% in the prior month.
Elsewhere in China, Australia’s largest trading partner, the manufacturing PMI entered into contraction territory, after it dropped unexpectedly to a level of 49.9, compared to market expectations for it to remain steady at a level of 50.0. On the other hand, the nation’s Caixin/Markit manufacturing PMI index advanced more-than-expected to a level of 50.6 in July. Markets expected it to rise to a level of 48.8 and after recoding a level of 48.6 in the previous month. Also, the non-manufacturing PMI rose to a level of 53.9 in July, following a level of 53.7 in the prior month.
The pair is expected to find support at 0.7519, and a fall through could take it to the next support level of 0.7444. The pair is expected to find its first resistance at 0.7639, and a rise through could take it to the next resistance level of 0.7684.
Investors would now focus on RBA’s interest rate decision, due in the early hours of tomorrow, for further cues in the AUD.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
