AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.09% against the USD and closed at 0.7416.
LME Copper prices rose 0.5% or $28.0/MT to $6213.0/MT. Aluminium prices rose/declined 0.3% or $7.0/MT to $2061.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7416, with the AUD trading flat against the USD from yesterday’s close.
Data released overnight showed that Australia’s AIG performance of manufacturing index dropped to a level of 52.0 in July, compared to a reading of 57.4 in the previous month.
Elsewhere in China, Australia’s largest trading partner, the Caixin/Markit manufacturing PMI index eased to an 8-month low level of 50.8 in July, amid escalating trade tensions and more than market expectations for a fall to a level of 50.9. The index had recorded a reading of 51.0 in the prior month.
The pair is expected to find support at 0.7401, and a fall through could take it to the next support level of 0.7386. The pair is expected to find its first resistance at 0.7436, and a rise through could take it to the next resistance level of 0.7456.
Going forward, investors will await Australia’s trade balance data for June, scheduled to release overnight.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
