AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.43% against the USD to close at 0.7348.
LME Copper prices declined 0.10% or $4.5 /MT to $4510.5 /MT. Aluminium prices rose 1.49% or $23.5 /MT to $1605.0 /MT.
In the Asian session, at GMT0300, the pair is trading at 0.7363, with the AUD trading 0.2% higher against the USD from yesterday’s close.
Early this morning, data showed that, Australia’s Westpac consumer confidence index dropped 1.0% to a level of 102.2 in June, from a reading of 103.2 in the previous month.
The pair is expected to find support at 0.7325, and a fall through could take it to the next support level of 0.7287. The pair is expected to find its first resistance at 0.7403, and a rise through could take it to the next resistance level of 0.7443.
Going ahead, investors will look forward to the Reserve Bank of Australia’s latest bulletin report along with Australia’s monthly unemployment rate and consumer inflation expectations data, all scheduled to release in the early hours tomorrow.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
