AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.63% against the USD and closed at 0.7652.
LME Copper prices rose 0.07% or $3.5/MT to $4796.0/MT. Aluminium prices rose 1.04% or $17.0/MT to $1645.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7628, with the AUD trading 0.31% lower against the USD from yesterday’s close.
Early morning data indicated that, Australia’s NAB business confidence index dropped to a level of 4.0 in July, indicating that businesses are less optimistic about the outlook for growth, following a revised reading of 5.0 in the prior month. Further, the nation’s NAB business conditions index declined to a level of 8.0 in July, compared to a revised reading of 11.0 in the prior month.
Separately, China’s, Australia’s largest trading partner, consumer prices advanced at the weakest pace in six months, rising 1.8%, on an annual basis, in July, at par with market expectations and compared to a rise of 1.9% in the previous month.
The pair is expected to find support at 0.7597, and a fall through could take it to the next support level of 0.7565. The pair is expected to find its first resistance at 0.7666, and a rise through could take it to the next resistance level of 0.7703.
Going forward, Australia’s Westpac consumer confidence index for August, due to release in the early hours of tomorrow, would keep investors on their toes.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
