AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.09% against the USD and closed at 0.6797 on Friday.
LME Copper prices declined 1.8% or $107.0/MT to $5769.0/MT. Aluminium prices declined 0.5% or $8.0/MT to $1749.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6778, with the AUD trading 0.28% lower against the USD from Friday’s close.
Overnight data indicated that Australia’s AIG performance of services index declined to a level of 43.9 in July, compared to a level of 52.2 in the previous month.
Elsewhere in China, Australia’s largest trading partner, the Caixin/Markit services PMI unexpectedly fell to a level of 51.6 in July, compared to market expectations for a steady reading. In the previous month, the PMI had recorded a level of 52.0
The pair is expected to find support at 0.6744, and a fall through could take it to the next support level of 0.6711. The pair is expected to find its first resistance at 0.6815, and a rise through could take it to the next resistance level of 0.6852.
Going ahead, traders would keep an eye on the Reserve Bank of Australia’s interest rate decision followed by Australia’s trade balance data for June, set to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
