AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.24% against the USD and closed at 0.7399.
LME Copper prices declined 1.2% or $73.5/MT to $6068.0/MT. Aluminium prices declined 3.3% or $70.0/MT to $2040.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7427, with the AUD trading 0.38% higher against the USD from yesterday’s close.
Overnight data showed that Australia’s seasonally adjusted unemployment rate remained unchanged at a rate of 5.4% in June, in line with market expectations. Meanwhile, the nation’s NAB business confidence dropped to a level of 7 in Q2, compared to a reading of 8 in the prior quarter.
The pair is expected to find support at 0.7366, and a fall through could take it to the next support level of 0.7306. The pair is expected to find its first resistance at 0.7464, and a rise through could take it to the next resistance level of 0.7502.
With no macroeconomic releases in Australia today, investors would look forward to global macroeconomic releases for further directions.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
