AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD is flat against the USD and closed at 0.6872.
LME Copper prices declined 0.5% or $28.5/MT to $5957.0/MT. Aluminium prices rose 0.4% or $7.0/MT to $1589.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6876, with the AUD trading 0.06% higher against the USD from yesterday’s close.
Overnight data showed that Australia’s private sector credit demand rose 3.2% on an annual basis in May, compared to a rise of 3.6% in the previous month.
Elsewhere in China, Australia’s largest trading partner, the non-manufacturing PMI expanded to 54.4 in June, compared to a reading of 53.6 in the previous month. Additionally, the NBS manufacturing PMI unexpectedly advanced to 50.9 in June, defying market consensus for a drop to a level of 50.4 and compared to a reading of 50.6 in the previous month.
The pair is expected to find support at 0.6848, and a fall through could take it to the next support level of 0.6821. The pair is expected to find its first resistance at 0.6897, and a rise through could take it to the next resistance level of 0.6919.
Looking ahead, traders would keep a watch on Australia’s AiG performance of manufacturing Index and the Commonwealth Bank manufacturing PMI, both for June, along with building permits for May, slated to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
