AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 1.68% against the USD to close at 0.9245, after the Reserve Bank of Australia, in the minutes of its July policy meeting, stated that the current policy stance was appropriate for current period.
LME Copper prices rose 0.7% or $45.0/MT to $6936.5/MT. Aluminium prices declined 0.5% or $9.0/MT to $1752.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9232, with the AUD trading 0.14% lower from yesterday’s close.
On the data front, the Westpac leading index in Australia rose 0.2% (MoM) in May, following a 0.7% rise in the previous month.
In China, Conference Board leading economic index increased 1.0% (MoM) in June, following a 0.3% increase in May. Additionally, foreign direct investment rose 4.9% (YoY) in January to June.
The pair is expected to find support at 0.9165, and a fall through could take it to the next support level of 0.9098. The pair is expected to find its first resistance at 0.9281, and a rise through could take it to the next resistance level of 0.9330.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
