AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.07% against the USD and closed at 0.6923.
LME Copper prices rose 1.1% or $63.5/MT to $6,080.0/MT. Aluminium prices climbed 0.5% or $8.0/MT to $1,601.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6926, with the AUD trading slightly higher against the USD from yesterday’s close.
Overnight data showed that Australia’s AiG performance of construction index climbed to 35.5 in June, compared to a reading of 24.9 in the previous month. Additionally, retail sales jumped 16.9% on a monthly basis in May, compared to a rise of 16.3% in the prior month. Meanwhile, the Commonwealth Bank services PMI dropped to 53.1 in June, compared to a reading of 53.2 in the earlier month.
Elsewhere in China, Australia’s largest trading partner, the Caixin services PMI unexpectedly advanced to 58.4 in June, defying market forecast for a drop to a level of 49.9 and compared to a reading of 55.0 in the prior month.
The pair is expected to find support at 0.6901, and a fall through could take it to the next support level of 0.6877. The pair is expected to find its first resistance at 0.6951, and a rise through could take it to the next resistance level of 0.6977.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
