AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.9% against the USD and closed at 0.7512.
LME Copper prices rose 2.05% or $99.0/MT to $4938.0/MT. Aluminium prices declined 0.12% or $2.0/MT to $1643.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7492, with the AUD trading 0.27% lower against the USD from yesterday’s close.
Overnight data indicated that Australia’s Westpac leading index dropped by 0.2% MoM in June, compared to a revised rise of 0.2% in the previous month.
The pair is expected to find support at 0.7465, and a fall through could take it to the next support level of 0.7438. The pair is expected to find its first resistance at 0.7527, and a rise through could take it to the next resistance level of 0.7562.
Moving ahead, Australia’s NAB business confidence index data for second quarter, due in the early hours of tomorrow, would be on investors’ radar.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
