AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.50% against the USD and closed at 0.6998.
LME Copper prices declined 0.7% or $39.5/MT to $5968.0/MT. Aluminium prices declined 0.7% or $13.0/MT to $1795.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6981, with the AUD trading 0.24% lower against the USD from yesterday’s close.
Overnight data showed that Australia’s CBA manufacturing PMI eased to a level of 51.4 in July, following a reading of 52.6 in the prior month. Moreover, the nation’s services PMI fell to a level of 51.9 in July, compared to a reading of 52.6 in the preceding month.
Separately, the IMF expects China, Australia’s largest trading partner, to record a moderate growth of 6.2% in 2019 and 6.0% in 2020.
The pair is expected to find support at 0.6961, and a fall through could take it to the next support level of 0.6942. The pair is expected to find its first resistance at 0.7017, and a rise through could take it to the next resistance level of 0.7054.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
