AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.29% against the USD to close at 0.7357.
LME Copper prices declined 0.20% or $10.5/MT to $5340.0/MT. Aluminium prices declined 0.37% or $6.0/MT to $1604.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7299, with the AUD trading 0.79% lower from yesterday’s close.
Earlier today, in China, Australia’s biggest trading partner, the Caixin manufacturing PMI, formerly known as the HSBC manufacturing PMI unexpectedly weakened to a 15-month low level of 48.2 in July, from prior month’s level of 49.4 and compared to market expectations of a rise to 49.7, thus reinforcing the view that the Chinese economy needs further policy support.
The pair is expected to find support at 0.7256, and a fall through could take it to the next support level of 0.7212. The pair is expected to find its first resistance at 0.7381, and a rise through could take it to the next resistance level of 0.7463.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
