AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.25% against the USD and closed at 0.7695.
LME Copper prices rose 1.10% or $52.0/MT to $4798.0/MT. Aluminium prices rose 1.92% or $31.5/MT to $1676.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7682, with the AUD trading 0.17% lower against the USD from yesterday’s close.
Overnight data indicated that, Australia’s Westpac leading index advanced 0.05% MoM in July, following a drop of 0.22% in the prior month.
The pair is expected to find support at 0.7638, and a fall through could take it to the next support level of 0.7594. The pair is expected to find its first resistance at 0.7738, and a rise through could take it to the next resistance level of 0.7794.
Investors would now focus on Australia’s unemployment rate data for July, slated to release in the early hours of tomorrow, to gauge the strength in the nation’s economy.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
