AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.44% against the USD and closed at 0.6902.
LME Copper prices rose 1.4% or $81.0/MT to $6,038.0 /MT. Aluminium prices climbed 0.8% or $13.0/MT to $1,602.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6908, with the AUD trading 0.09% higher against the USD from yesterday’s close.
Overnight data showed that Australia’s AiG performance of manufacturing index climbed to 51.5 in June, compared to a reading of 41.6 in the previous month. Additionally, the Commonwealth Bank manufacturing PMI advanced to 51.2 in June, surpassing market expectations for a rise to 49.8 and compared to a reading of 44.0 in the previous month. Meanwhile, building permits dropped 11.6% on an annual basis in May, compared to a rise of 5.7% in the previous month.
The pair is expected to find support at 0.6855, and a fall through could take it to the next support level of 0.6802. The pair is expected to find its first resistance at 0.6939, and a rise through could take it to the next resistance level of 0.6970.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
