AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD traded flat against the USD to close at 0.7446.
LME Copper prices rose 0.98% or $47.0/MT to $4827.0/MT. Aluminium prices rose 1.30% or $21.0/MT to $1635.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7452, with the AUD trading 0.08% higher against the USD from yesterday’s close.
Overnight data showed that Australia’s AiG performance of manufacturing index advanced to a level of 51.8 in June, marking its 12th consecutive month of expansion, after registering a reading of 51.0 in the previous month.
Early this morning, in China, Australia’s largest trading partner, the Caixin manufacturing PMI unexpectedly declined to a level of 48.6 in June, its sharpest deterioration in four months, as weak demand and industrial overcapacity weighed on the world’s second-largest economy. In the prior month, it had recorded a reading of 49.2. Further, the nation’s NBS manufacturing PMI dropped in line with market expectations to a level of 50.0 in June, following a reading of 50.1 in the previous month. On the other hand, China’s NBS non-manufacturing PMI rose to a level of 53.7 in June, from a reading of 53.1 in the prior month.
The pair is expected to find support at 0.7393, and a fall through could take it to the next support level of 0.7335. The pair is expected to find its first resistance at 0.7486, and a rise through could take it to the next resistance level of 0.7521.
Going ahead, investors will look forward to the Reserve Bank of Australia’s interest rate decision along with Australia’s retail sales and trade balance data, all due next week.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving average.
