AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.19% against the USD and closed at 0.7409.
LME Copper prices declined 1.1% or $66.5/MT to $6185.0/MT. Aluminium prices declined 0.1% or $1.0/MT to $2054.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7419, with the AUD trading 0.13% higher against the USD from yesterday’s close.
Data released overnight indicated that, Australia’s seasonally adjusted building approvals rebounded 6.4% on a monthly basis in June, more than market expectations for a rise of 1.0%. In the previous month, building approvals had registered a revised drop of 2.5%.
Elsewhere in China, Australia’s largest trading partner, manufacturing PMI eased to a level of 51.2 in July, compared to market expectations of a drop to a level of 51.3. The PMI had registered a reading of 51.5 in the prior month.
The pair is expected to find support at 0.7395, and a fall through could take it to the next support level of 0.7372. The pair is expected to find its first resistance at 0.7433, and a rise through could take it to the next resistance level of 0.7448.
Going forward, traders will closely monitor Australia’s AiG performances of manufacturing index for July, slated to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
