AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.47% against the USD and closed at 0.7497.
LME Copper prices rose 1.08% or $53.0/MT to $4953.5/MT. Aluminium prices declined 0.9% or $14.5/MT to $1594.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7467, with the AUD trading 0.4% lower against the USD from yesterday’s close.
Early this morning, Australia’s largest trading partner, China reported that the MNI business sentiment index rose to a level of 55.50 in July, after recording a reading of 54.50 in the past month.
The pair is expected to find support at 0.7447, and a fall through could take it to the next support level of 0.7427. The pair is expected to find its first resistance at 0.7500, and a rise through could take it to the next resistance level of 0.7533.
With no economic releases in Australia today, investors will shift their focus to Australia’s consumer price index data, the sole important domestic macroeconomic data release in the next week.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
