AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.77% against the USD and closed at 0.7515.
LME Copper prices declined 0.28% or $13.0/MT to $4609.0/MT. Aluminium prices traded flat to trade at $1627.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7529, with the AUD trading 0.19% higher against the USD from yesterday’s close.
Early morning data indicated that, Australia’s private sector credit rose by 0.4% MoM in July, at par with market consensus and compared to a rise of 0.2% in the prior month.
The pair is expected to find support at 0.7492, and a fall through could take it to the next support level of 0.7454. The pair is expected to find its first resistance at 0.7571, and a rise through could take it to the next resistance level of 0.7612.
Moving ahead, Australia’s AiG performance of manufacturing index for August, due to release overnight, would be on investor’s radar.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
