AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose slightly against the USD and closed at 0.7464.
LME Copper prices rose 0.9% or $57.0/MT to $6383.0/MT. Aluminium prices rose 1.8% or $37.0/MT to $2135.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7478, with the AUD trading 0.19% higher against the USD from yesterday’s close.
Overnight data indicated that Australia’s NAB business confidence index recorded an unchanged reading of 6.0 in June. Additionally, the nation’s NAB business conditions index registered a steady reading of 15.0 in June.
Elsewhere in China, Australia’s largest trading partner, the consumer price index jumped 1.9% on a yearly basis in June, meeting market expectations. The index had increased 1.8% in the prior month. Moreover, the nation’s producer price index climbed of 4.7% on an annual basis in June, more than market expectations for an advance of 4.5%. In the prior month, the index rose 4.1%.
The pair is expected to find support at 0.7461, and a fall through could take it to the next support level of 0.7443. The pair is expected to find its first resistance at 0.7490, and a rise through could take it to the next resistance level of 0.7501.
Going forward, investors sentiment will be determined by Australia’s Westpac consumer confidence index for July, set to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
