AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.37% against the USD and closed at 0.6849.
LME Copper prices declined 0.3% or $17.0/MT to $5926.0/MT. Aluminium prices declined 0.3% or $5.0/MT to $1776.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6852, with the AUD trading slightly higher against the USD from yesterday’s close.
Overnight data showed that Australia’s AIG performance of manufacturing index jumped to a level of 51.3 in July, following a reading of 49.4 in the prior month. Moreover, the CBA manufacturing PMI rose to a level of 51.6 in July, compared to a reading of 51.4 in the prior month.
Meanwhile, in China, Australia’s largest trading partner, the Caixin manufacturing PMI climbed more-than-expected to 49.90 in July, compared to a reading of 49.40 in the previous month.
The pair is expected to find support at 0.6820, and a fall through could take it to the next support level of 0.6789. The pair is expected to find its first resistance at 0.6891, and a rise through could take it to the next resistance level of 0.6931.
Going forward, traders would await Australia’s producer price index for the second quarter and retail sales for June, scheduled to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
