AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.22% against the USD and closed at 0.7150.
LME Copper prices declined 1.2% or $74.0/MT to $6,363.0/MT. Aluminium prices fell 0.8% or $14.0/MT to $1,730.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7172, with the AUD trading 0.31% higher against the USD from yesterday’s close.
Overnight data showed that Australia’s NAB business confidence index dropped to -14.0 in July, compared to a reading of 1.0 in the prior month. Moreover, the NAB business conditions index remained flat in July, compared to a level of -7.0 in the earlier month.
The pair is expected to find support at 0.7147, and a fall through could take it to the next support level of 0.7121. The pair is expected to find its first resistance at 0.7191, and a rise through could take it to the next resistance level of 0.7209.
Moving ahead, traders would keep a watch on Australia’s Westpac consumer confidence for August, slated to release overnight.
The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
