AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.51% against the USD and closed at 0.6848 on Friday.
LME Copper prices rose 0.2% or $10.5/MT to $5787.5/MT. Aluminium prices rose 0.4% or $7.0/MT to $1761.5/MT.
Overnight data showed that Australia’s seasonally adjusted home loans approvals rose 4.2% on a monthly basis in July, higher than market consensus for a rise of 1.5%. In the prior month, home loan approvals had recorded a revised climb of 0.6%.
In the Asian session, at GMT0300, the pair is trading at 0.6851, with the AUD trading slightly higher against the USD from Friday’s close.
The pair is expected to find support at 0.6821, and a fall through could take it to the next support level of 0.6790. The pair is expected to find its first resistance at 0.6872, and a rise through could take it to the next resistance level of 0.6892.
Going ahead, traders would closely monitor Australia’s NAB business conditions and business confidence for August, set to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
