AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.59% against the USD and closed at 0.7682.
LME Copper prices rose 1.4% or $83.5/MT to $5905.5/MT. Aluminium prices rose 0.6% or $11.5/MT to $1897.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7701, with the AUD trading 0.25% higher against the USD from yesterday’s close.
Early morning data showed that Australia’s private sector credit rose 0.4% on a monthly basis in May, in line with market expectations and following a similar rise in the prior month.
Elsewhere in China, Australia’s largest trading partner, the NBS manufacturing PMI unexpectedly advanced to a level of 51.7 in June, expanding at its quickest pace in three months and defying market expectations for a fall to a level of 51.0. The PMI had recorded a reading of 51.2 in the prior month. Further, the nation’s NBS non-manufacturing PMI climbed to a level of 54.9 in June, hitting its highest level since March 2017 and following a reading of 54.5 in the previous month.
The pair is expected to find support at 0.7664, and a fall through could take it to the next support level of 0.7627. The pair is expected to find its first resistance at 0.7725, and a rise through could take it to the next resistance level of 0.7749.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
