AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.12% against the USD and closed at 0.6775.
LME Copper prices declined 1.0% or $57.5/MT to $5698.0/MT. Aluminium prices dropped 0.3% or $6.0/MT to $1756.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6786, with the AUD trading 0.16% higher against the USD from yesterday’s close.
Data showed that Australia’s Westpac leading index rose 0.1% on a monthly basis in July. The index had dropped 0.1% in the prior month.
The pair is expected to find support at 0.6772, and a fall through could take it to the next support level of 0.6759. The pair is expected to find its first resistance at 0.6797, and a rise through could take it to the next resistance level of 0.6809.
Looking ahead, investors will await Australia’s CBA manufacturing and services PMIs, both for August, slated to release overnight.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
