AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.38% against the USD to close at 0.7398.
LME Copper prices rose 0.79% or $44.0/MT to $5605.5/MT. Aluminium prices rose 0.39% or $6.5/MT to $1659.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7428, with the AUD trading 0.41% higher from yesterday’s close.
Earlier today, data indicated that Australian business condition index climbed to a level of 11.0 in June, following a reading of 6.0 in May, while the business confidence index advanced to 10.0 in June, compared to a level of 8.0 registered in the previous month, thus indicating that the nation’s business environment has improved.
The pair is expected to find support at 0.7384, and a fall through could take it to the next support level of 0.7340. The pair is expected to find its first resistance at 0.7471, and a rise through could take it to the next resistance level of 0.7514.
Meanwhile, investors look forward to the release of Australia’s Westpac consumer confidence data, scheduled in the early hours tomorrow.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
