AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.11% against the USD and closed at 0.7536.
LME Copper prices declined 1.6% or $93.0/MT to $5659.0/MT. Aluminium prices declined 0.6% or $11.0/MT to $1877.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7537, with the AUD trading slightly higher against the USD from yesterday’s close.
Earlier in the session, data showed that Australia’s Westpac consumer confidence index fell to a level of 96.2 in June, dropping for a third consecutive month, compared to a reading of 98.0 in the prior month.
Elsewhere, in China, Australia’s largest trading partner, industrial production climbed 6.5% on an annual basis in May, beating market expectations for an advance of 6.4%. Industrial production had registered a similar rise in the previous month. Moreover, the nation’s retail sales climbed 10.7% YoY in May, in line with market expectations. In the prior month, retail sales had registered a similar rise.
The pair is expected to find support at 0.7519, and a fall through could take it to the next support level of 0.7502. The pair is expected to find its first resistance at 0.7559, and a rise through could take it to the next resistance level of 0.7582.
Going ahead, Australia’s unemployment rate data for May, and consumer inflation expectations for June, due to release tomorrow, will be on investors’ radar.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
