AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.96% against the USD to close at 0.9278, amid a broad strength in the greenback.
LME Copper prices rose 0.97% or $ 67.5/MT to $ 7040.5/MT. Aluminium prices rose 0.34% or $ 7.0/MT to $ 2082.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9266, with the AUD trading 0.13% lower from yesterday’s close.
Earlier today, the NBA reported that in Australia, the business confidence index eased to 8.0 in August, down from the previous month’s reading of 10.0, while the business conditions index dropped to 4.0, from a level of 8.0 recorded in the same period. Additionally, the number of home loans granted in the nation rose 0.3% in July, less than market expectations for a rise of 1.0% and compared to a 0.1% increase registered in the preceding month. Meanwhile, investment lending recorded a rise of 6.8% in July, compared to a gain of 0.1% in the prior month.
The pair is expected to find support at 0.9227, and a fall through could take it to the next support level of 0.9187. The pair is expected to find its first resistance at 0.9340, and a rise through could take it to the next resistance level of 0.9413.
Going forward, investors look forward to Australia’s Westpac consumer confidence data, scheduled for release tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
