AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.33% against the USD and closed at 0.7537.
LME Copper prices rose 0.76% or $36.0/MT to $4746.0/MT. Aluminium prices rose 0.76% or $12.5/MT to $1653.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7589, with the AUD trading 0.69% higher against the USD from yesterday’s close.
Early morning data showed that Australia’s NAB business conditions index rose to a level of 12.0 in June, a sign that businesses are increasingly confident on the nation’s economy despite rising global uncertainty following the surprise Brexit vote. The index had registered a reading of 10.0 in the prior month. Also, the nation’s business confidence index climbed to 6.0 in June, following a reading of 3.0 in the previous month.
The pair is expected to find support at 0.7541, and a fall through could take it to the next support level of 0.7494. The pair is expected to find its first resistance at 0.7614, and a rise through could take it to the next resistance level of 0.7640.
Going ahead, investors will look forward to Australia’s Westpac consumer confidence index data, scheduled to be released overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
