AUDUSD Movement
On Friday, the AUD marginally strengthened against the USD to close at 0.9307.
Over the weekend, China’s official non-manufacturing PMI fell to a six-month low level of 54.2 in July from 55.0 in June.
LME Copper prices declined 0.8% or $57.5/MT to $7078.0/MT. Aluminium prices declined 2.6% or $52.0/MT to $1964.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9323, with the AUD trading 0.17% higher from yesterday’s close, after retail sales in Australia rebounded more-than-expected in June. Other data indicated that Australia’s ANZ job advertisements advanced 0.3% in July on a monthly basis, compared to a revised 4.4% rise in the prior month.
The pair is expected to find support at 0.9285, and a fall through could take it to the next support level of 0.9248. The pair is expected to find its first resistance at 0.9349, and a rise through could take it to the next resistance level of 0.9376.
Investors would pay attention to AiG Performance of Services Index from Australia, to be released overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
