AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 1.07% against the USD and closed at 0.7618.
LME Copper prices rose 1.38% or $65.5/MT to $4811.5/MT. Aluminium prices declined 0.42% or $7.0/MT to $1646.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7595, with the AUD trading 0.3% lower against the USD from yesterday’s close.
Overnight data indicated that, Australia’s Westpac consumer confidence index fell 3.0% to a level of 99.10 in July, amid growing political uncertainty. The index had recorded a reading of 102.2 in the prior month.
The pair is expected to find support at 0.7554, and a fall through could take it to the next support level of 0.7512. The pair is expected to find its first resistance at 0.7647, and a rise through could take it to the next resistance level of 0.7698.
Looking forward, Australia’s unemployment rate data, scheduled to be released in the early hours tomorrow, will garner most of the market attention.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
