AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.30% against the USD and closed at 0.6944.
LME Copper prices rose 3.5% or $222.5/MT to $6,545.0/MT. Aluminium prices climbed 1.5% or $25.0/MT to $1,664.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6941, with the AUD trading marginally lower against the USD from yesterday’s close.
Overnight data showed that Australia’s NAB’s business confidence unexpectedly rose to 1.0 in June, defying market forecast for a drop to a level of -87.0 and compared to a reading of -20.0 in the previous month. Additionally, the NAB’s business conditions unexpectedly climbed to -7.0 in June, confounding market expectations for a drop to a level of -39.0 and compared to a reading of -24.0 in the earlier month.
Elsewhere, in China, Australia’s largest trading partner, trade surplus narrowed more-than-expected to $46.4 billion in June, compared to a surplus of $62.9 billion in the previous month.
The pair is expected to find support at 0.6914, and a fall through could take it to the next support level of 0.6888. The pair is expected to find its first resistance at 0.698, and a rise through could take it to the next resistance level of 0.702.
Moving forward, traders would keep a watch on Australia’s Westpac consumer confidence for July and new home sales for May, slated to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
