AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.85% against the USD to close at 0.9120.
LME Copper prices fell 0.8% or $56.0/MT to $6765.0/MT. Aluminium prices declined 0.4% or $6.5/MT to $1736.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9126, with the AUD trading marginally higher from yesterday’s close.
In China, consumer price index (CPI) advanced 2.7% (YoY) in June, more than the expected 2.5% rise. However, China’s producer price index slipped 2.7% (YoY) in June, more than the forecasted 2.6% drop.
Meanwhile, in Australia, the National Australia Bank’s (NAB), business conditions indicator slipped to a reading of -8.0 in June, while the business confidence indicator climbed to a reading of 0.0 in June, compared to a reading of -1.0 reported in the previous month.
The pair is expected to find support at 0.9062, and a fall through could take it to the next support level of 0.8997. The pair is expected to find its first resistance at 0.9169, and a rise through could take it to the next resistance level of 0.9211.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
