AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD slightly declined against the USD and closed at 0.7010.
LME Copper prices declined 0.6% or $37.0/MT to $5922.0/MT. Aluminium prices rose 0.1% or $1.0/MT to $1819.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7029, with the AUD trading 0.27% higher against the USD from yesterday’s close.
Overnight data showed that Australia’s seasonally adjusted unemployment rate remained unchanged at 5.2% in June. Meanwhile, the nation’s NAB business confidence advanced to a level of 6.0 in the Q2 2019, compared to a reading of -1.0 in the prior quarter.
The pair is expected to find support at 0.7007, and a fall through could take it to the next support level of 0.6985. The pair is expected to find its first resistance at 0.7040, and a rise through could take it to the next resistance level of 0.7051.
The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
