AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.50% against the USD and closed at 0.7107.
LME Copper prices rose 0.1% or $6.5/MT to $6,533.5/MT. Aluminium prices climbed 0.6% or $10.0/MT to $1,661.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7115, with the AUD trading 0.11% higher against the USD from yesterday’s close.
Overnight data showed that Australia’s Commonwealth Bank manufacturing PMI climbed to 53.4 in July, less than market expectations and compared to a reading of 51.2 in the prior month. Meanwhile, the Commonwealth Bank services PMI rose to 58.5 in July, more than market forecast for a rise to a level of 53.2 and compared to a revised reading of 53.0 in the prior month.
The pair is expected to find support at 0.7083, and a fall through could take it to the next support level of 0.7052. The pair is expected to find its first resistance at 0.7154, and a rise through could take it to the next resistance level of 0.7194.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
