AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.16% against the USD and closed at 0.6973.
LME Copper prices rose 0.9% or $55.0/MT to $5912.0/MT. Aluminium prices rose 0.2% or $3.5/MT to $1783.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6956, with the AUD trading 0.24% lower against the USD from yesterday’s close.
Overnight data showed that Australia’s NAB business confidence index declined to a level of 2.0 in June, compared to a reading of 7.0 in the prior month.
Meanwhile, the nation’s NAB business conditions index rose to a level of 3.0 in June, following a reading of 1.0 in the preceding month.
The pair is expected to find support at 0.6942, and a fall through could take it to the next support level of 0.6928. The pair is expected to find its first resistance at 0.6982, and a rise through could take it to the next resistance level of 0.7008.
Going ahead, trader would keep an eye on Australia’s Westpac consumer confidence index for July, slated to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
