AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.14% against the USD to close at 0.9262.
LME Copper prices declined 0.1% or $ 9.5 /MT to $ 7010.5 /MT. Aluminium prices rose/declined 0.7% or $ 14.5 /MT to $ 2032.0 /MT.
In the Asian session, at GMT0300, the pair is trading at 0.9262, with the AUD trading flat from yesterday’s close.
Earlier this morning, the NAB’s business confidence in Australia lifted to 11 points in July, compared to 8 points in June. The survey also found that the business conditions in Australia rose to 8 points in July, the highest level since early 2010, compared with 2 points in June. Additionally, house prices in Australia gained 1.8% in Q2 (Q-o-Q), down from 1.5% rise recorded in the past quarter.
The pair is expected to find support at 0.9243, and a fall through could take it to the next support level of 0.9225. The pair is expected to find its first resistance at 0.9284, and a rise through could take it to the next resistance level of 0.9307.
Amid a lack of economic releases from Australia today, investors would shift their focus to Wednesday’s consumer confidence data.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
