AUD/USD: Australia’s Westpac consumer confidence deteriorated in August


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD slightly declined against the USD and closed at 0.7147.

LME Copper prices declined 0.1% or $6.5/MT to $6,356.5/MT. Aluminium prices rose 1.1% or $19.5/MT to $1,749.5/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7124, with the AUD trading 0.32% lower against the USD from yesterday’s close.

Overnight data showed that Australia’s Westpac consumer confidence dropped 9.5% MoM to 79.5 in August, compared to a reading of 87.9 in the prior month.

The pair is expected to find support at 0.7093, and a fall through could take it to the next support level of 0.7063. The pair is expected to find its first resistance at 0.7172, and a rise through could take it to the next resistance level of 0.7221.

Going forward, traders would keep a watch on Australia’s consumer inflation expectations for August, and the unemployment rate for July, slated to release overnight.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

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