AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.74% against the USD and closed at 0.7143 on Friday.
LME Copper prices rose 0.2% or $13.0/MT to $6,446.5/MT. Aluminium prices climbed 0.2% or $4.0/MT to $1,685.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7137, with the AUD trading 0.08% lower against the USD from Friday’s close.
Overnight data showed that Australia’s AiG performance of manufacturing index rose to 53.5 in July, compared to a reading of 51.5 in the previous month. Additionally, the Commonwealth Bank manufacturing PMI climbed to 54.0 in July, compared to a reading of 53.4 in the previous month.
Elsewhere in China, Australia’s largest trading partner, the Caixin manufacturing PMI advanced to 52.8 in July, more than market expectations for a rise to a level of 51.3 and compared to a reading of 51.2 in the prior month.
The pair is expected to find support at 0.7095, and a fall through could take it to the next support level of 0.7053. The pair is expected to find its first resistance at 0.7203, and a rise through could take it to the next resistance level of 0.7269.
Moving forward, traders would keep a watch on Australia’s retail sales and trade balance, both for June followed by the Reserve Bank of Australia’s (RBA) interest rate decision, slated to release in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
