AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.14% against the USD and closed at 0.6902.
LME Copper prices rose 0.1% or $4.5/MT to $5949.5/MT. Aluminium prices declined 0.2% or $3.5/MT to $1774.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6905, with the AUD trading slightly higher against the USD from yesterday’s close.
Overnight data indicated that Australia’s seasonally adjusted building approvals unexpectedly declined to its lowest level in six years by 1.2% on a monthly basis in June, compared to a revised advance of 0.3% in the prior month. Market participants had anticipated building approvals to register a gain of 0.2%.
The pair is expected to find support at 0.6896, and a fall through could take it to the next support level of 0.6886. The pair is expected to find its first resistance at 0.6914, and a rise through could take it to the next resistance level of 0.6922.
Moving forward, traders would closely monitor Australia’s consumer price index for the second quarter and private sector credit for June, scheduled to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
