AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.11% against the USD and closed at 0.7026.
LME Copper prices rose 0.4% or $26.0/MT to $5900.0/MT. Aluminium prices rose 1.0% or $17.0/MT to $1771.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7026, with the AUD trading flat against the USD from yesterday’s close.
Overnight data showed that Australia’s AIG performance of construction index rose to a level of 43.0 in June, compared to a reading of 40.4 in the prior month.
The pair is expected to find support at 0.7013, and a fall through could take it to the next support level of 0.7000. The pair is expected to find its first resistance at 0.7042, and a rise through could take it to the next resistance level of 0.7058.
Looking ahead, traders would await Australia’s Westpac consumer confidence index, the NAB business conditions and business confidence, slated to release next week.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
